54fighting
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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.
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.
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