UAL asks for more time

[dashtrasher]

This isn't good news for all the ACA poolies, looks like everyone will be waiting a little longer.

Reuters
UAL Seeks Time to File Reorganization Plan
Tuesday March 11, 12:00 pm ET


CHICAGO (Reuters) - UAL Corp. (NYSE:UAL - News), parent of bankrupt United Airlines, said it has asked a U.S. bankruptcy court judge to give it more time to file its reorganization plan to make sure the plan is not "premature."
In court documents filed on Monday, the No. 2 U.S. airline said it is seeking an additional 180 days from April 8 to file its exclusive restructuring plan. After the exclusive period ends, other competing plans from creditors could be filed.

UAL filed the largest bankruptcy in aviation history on Dec. 9.

Bankruptcy judges often grant additional time to debtors to file restructuring plans in complex Chapter 11 cases.

The airline is negotiating with labor unions and aircraft financiers to reduce costs in order to meet key financial targets set forth in its bankruptcy financing.

 

[Hosed COEX]

While not good news for the poolies in the short term, the fact that UAL is going to take some more time to come up with a decent plan might be a step towards avoiding or at least delaying liquidation.

Really, it's all about UAL's survival. We know that UAX carriers are going to be a big part of any successful plan, if there is a such thing. As long as UAL stays in business, so does ACA. Otherwise, while there is a good chance ACA can make it on its own, it would certainly shrink in the short term which means a bunch of us get some unpaid vacation.

 

[avratdwc]

Lets also hope that the Iraq conflict does not have any effect on anyone. I am not employed at ACA, however I have alot of friends there. Today the majors announced huge problems if a war breaks out. A good friend of mine is already considering another line of work as an insurance plan. Does anyone else have any comments on what may happen if a war breaks out. Thanx!!!!!!!!

Avrat