Judge extends exclusivity for UAL reorganization

[54fighting]

http://yahoo.reuters.com/newsArticle.jhtml?type=topNews&storyID=8268854





CHICAGO, April 22 (Reuters) - United Airlines (UALAQ.OB: Quote, Profile, Research) , on Friday won federal bankruptcy court approval to extend until July 1 its right to file its bankruptcy reorganization plan without interference from other parties.

The current exclusivity period for United Airlines' parent company UAL Corp. is due to expire on April 30. The No. 2 U.S. carrier, in bankruptcy since December 2002, has been given previous extensions.

"The reasons advanced by the debtor for exclusivity are legitimate reasons," said U.S. Bankruptcy Court Judge Eugene Wedoff. "It is premature to allow competing plans to be filed."

The airline has said it needs more time to push through cost-cutting initiatives. UAL needs to to secure $725 million in annual labor savings to exit Chapter 11. United, along with the rest of the the airline industry, has been battered by soaring fuel costs, weak revenue and low fares resulting from competition with lower-cost rivals.

 

[tranceport]

[T.Delay] Holy runaway judiciary Batman! [T.Delay]

What is the freagin point? They'll never make it out of bk.

 

[say again]

How long or how many times can they extend?

 

[Dizel8]

As long as the judge agrees, I believe indefinitely!

 

[jetexas]

I'm seeing a trend here. UAL says they need more time. Judge says "sure, why not". Repeat until the end of time.

I sure wish I could pay my credit cards like that.

 

[tranceport]

"The reasons advanced by the debtor for exclusivity are legitimate reasons," said U.S. Bankruptcy Court Judge Eugene Wedoff. "It is premature to allow competing plans to be filed."

Plan? What plan? Shift more flights to Ted a teeny bit at a time? Give more flying to regional affiliates at a trickle?

Ha Ha Ha, joke is on da judge. United doesn't even have a plan of it's own!

(not shooting the messanger )

 

[say again]

I'm going to try to plead "UAL" next time I owe money. Hopefully I'll get the extensions I need.

 

[CLE145CA]

It's time for UAL to s**t or get off the d**n pot!

Bankruptcy reform? What about going after these companies who spend years in Chapter 11 without putting forth any plan to get out? Sure, there are abuses in personal bankruptcy laws, but come on. Enough is enough with UAL. Before the end of July we will see another extension to the end of September or October then an extension into 2006, etc. Time for competing plans IMHO so that some savior can do something for the futures of United's employees.

 

[AZ Typed]

Truly pathetic! My thoughts to our ALPA brothers and sisters taking it hard over there. It's time to oust your board (not capitalized because that board doesn't deserve it). What a joke.

 

[G4G5]

It's very simple here folks. What alternative does the judge have?

He is not going to put 100,000 employees out on the street.

No one has come forth with any possible interest in taking over UAL

The creditors are not screaming at the judge for relief.

The only ones' Biatching are the unions and he apparently doesn't care what they think.