United Airlines again reported a loss during February, 2005 to the U.S. Bankruptcy Court in Chicago.
The company showed an operating loss of $179 million, with its fuel expense some $57 million higher than February 2004 on 4% lower capacity. The company reported a net loss of $291 million, including $92 million of largely non cash reorganization expenses.
Unit costs (CASM) in February increased 3% over the same month last year on 4% lower capacity. Excluding fuel, unit costs in February decreased 4% year-over-year. Mainline passenger unit revenue in February decreased 2% over the same period a year ago.
UAL ended February with a cash balance of $2.2 billion, which included $870 million in restricted cash (filing entities only). The cash balance increased $183 million during the month of February, driven by strong bookings and was ahead
of plan. UAL met the requirements of its debtor-in-possession (DIP) financing.
I love how the actual cash balance can actually go up while a company is in bankruptcy and doesnt have to pay its bills. How can a company with 2.2 billion in cash on hand be in bankruptcy?
The company showed an operating loss of $179 million, with its fuel expense some $57 million higher than February 2004 on 4% lower capacity. The company reported a net loss of $291 million, including $92 million of largely non cash reorganization expenses.
Unit costs (CASM) in February increased 3% over the same month last year on 4% lower capacity. Excluding fuel, unit costs in February decreased 4% year-over-year. Mainline passenger unit revenue in February decreased 2% over the same period a year ago.
UAL ended February with a cash balance of $2.2 billion, which included $870 million in restricted cash (filing entities only). The cash balance increased $183 million during the month of February, driven by strong bookings and was ahead
of plan. UAL met the requirements of its debtor-in-possession (DIP) financing.
I love how the actual cash balance can actually go up while a company is in bankruptcy and doesnt have to pay its bills. How can a company with 2.2 billion in cash on hand be in bankruptcy?
