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UAL chapter 11

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Well-known member
Nov 25, 2001
I saw on another board that UAL was going to file Chapter 11 at the end of this week. Anyone heard anything about that.
Sounds like baseless rumor-mongering to ME, but what do I know? I can't find a job to save my life. :)
Last I had heard, they had enough funds and loan guarantees to carry them through the summer at least. But who knows, I could be wrong.
With renewal of a pilot contract looming if they went Chapter 11 they could enforce emergency work rules and bend the contract to whatever they would need. Guess we'll see.
Right now UAL is loosing 16M per day. Even the greatest of loan guarentee's isn't going to help you.
UAL Chapter 11

TurboS7 - I had to jump in here on this one. I don't know how much money UAL is losing a day. I bet very few people do. 16 mil a day? Maybe back in Sep or Oct, but not today. UAL has not taken any government loans. UAL pilots are in not even close to being up for a new contract. Bankrupt on Monday? I'm not going to pretend to know the answer to that. Here's what I do know. Pres Bush appointed a three member Pres. Emergency Board. They listened to United Mgt talk for two days about how the rough shape of the company. Then IAM 141M got to talk for two days pleading the case for a raise for mechanics. The PEB then recommended a 37% raise. Would you recommend that kind of wage increase for a company about to go bankrupt? Can a company with 3 billion (according to the Wall Street Journal) in liquid assets even go bankrupt? Has United repeatedly said in the press - as late as last weekend - that bankruptcy is not being considered now, so they can look stupid next Monday? My guess is probably not.
I was in a class of 6 at Midway who were told they were financially stable too...... $ 16 million a day is about right for the size of airline they are....
I also heard that rumor out here in LA and I heard it from a furloughed United pilot. Maybe he was disgruntled,I don't know, but they are also looking for a buyer for their fractional start up, Avolar.

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