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Statement by UAL Corporation Regarding A


Well-known member
Nov 28, 2001
Total Time
Statement by UAL Corporation Regarding Avolar

CHICAGO--(BUSINESS WIRE)--March 8, 2002--UAL Corporation announced today that Avolar is pursuing a new business plan that will enable it to realize its value without additional investment from UAL or the involvement of private equity investors.

In making the announcement, United CEO John W. Creighton said, ``This move is consistent with our previously stated intentions to protect United Airlines from further financial exposure to this business and to achieve the best return for UAL on its investment.''

To conserve cash following the events of September 11th, UAL Corporation decided to sell a majority interest in Avolar to private equity investors, a business strategy which eliminated the need for UAL to provide additional funding while enabling UAL to continue to benefit from its original investment. With today's announcement, Avolar`s management team is continuing to refine the new business plan to maximize Avolar's value.

As a result of these developments, Stuart Oran announced his decision to step down as Avolar's president, effective today. Avolar's new management structure will include Doug Hacker from UAL Corporation serving as Avolar's acting president and Amos Kazzaz from United Airlines coming on board to assist with the business plan. Avolar Executive Vice President and Chief Operating Officer Thomas E. Davis will assume responsibility for Avolar's day-to-day operations. Both Hacker and Kazzaz will also continue to serve UAL in their existing capacities. Hacker is an executive vice president of United and president of UAL Loyalty Services; and Kazzaz is vice president of corporate real estate for United Airlines.

Creighton recognized Oran's many contributions, saying, ``Stuart has worked diligently for the past two years to bring the Avolar vision to life, and tirelessly since September 11 to preserve and enhance Avolar's value. Stuart has worked in many capacities at United over the past seven years and we are appreciative of all of his efforts and wish him well in his future endeavors.''

UAL Corporation launched Avolar last spring with the intent to participate in the fast-growing fractional-ownership market while offering a range of general-aviation products and services to United customers that are complementary to United's mainline service. Avolar is a wholly owned subsidiary of UAL Corporation.