UAL readies itself for competition
"Today, we have the business platform we need to compete with the strongest carriers and a clear strategy of offering the right service to the right customer at the right price," said Glenn Tilton, United's chairman, chief executive officer and president. "As we move ahead, United is committed to continuous improvement in costs, revenue and operations to optimize our resources and sustain competitive margins. We have achieved a great deal in our restructuring to reposition this company and build upon our assets, an unrivaled global network and our dedicated employees. We can be better. We are in a very competitive industry, and we take nothing for granted."
"Our approach is clearly working, as the numbers show," said Jake Brace, United's chief financial officer. "We have substantially improved our financial performance despite dramatic increases in fuel costs over the last 12 months. And United has one of the best operating records in the industry--in on-time departures, baggage handling, fewest customer complaints and other areas helping us to outpace the industry in unit revenue."
Over the past three years, United has, among other steps: reduced its average annual costs by approximately $7 billion; substantially deleveraged its balance sheet; strengthened its network while eliminating unprofitable services; reconfigured its fleet to optimize the use of its aircraft; significantly increased the productivity of all its assets; and introduced new or expanded services targeted to specific customer groups.
UAL Corp. will begin to issue shares of common stock of the reorganized company on or about Wednesday, Feb. 1, 2006, the effective date of the Plan. Most shares will go to the company's former unsecured creditors. Trading of these shares, which will be listed on NASDAQ under the ticker symbol "UAUA," will begin on Feb. 2.
The old shares of common stock that have been trading over the counter under the symbol UALAQ.OB will be cancelled and will no longer trade after Feb. 1, 2006.
Lisa Treon
2/1/2006
UAL Corp. (Nasdaq: UAUA), the holding company whose primary subsidiary is United Airlines, formally exited bankruptcy today, following confirmation of the company's plan of reorganization by the United States Bankruptcy Court.2/1/2006
"Today, we have the business platform we need to compete with the strongest carriers and a clear strategy of offering the right service to the right customer at the right price," said Glenn Tilton, United's chairman, chief executive officer and president. "As we move ahead, United is committed to continuous improvement in costs, revenue and operations to optimize our resources and sustain competitive margins. We have achieved a great deal in our restructuring to reposition this company and build upon our assets, an unrivaled global network and our dedicated employees. We can be better. We are in a very competitive industry, and we take nothing for granted."
"Our approach is clearly working, as the numbers show," said Jake Brace, United's chief financial officer. "We have substantially improved our financial performance despite dramatic increases in fuel costs over the last 12 months. And United has one of the best operating records in the industry--in on-time departures, baggage handling, fewest customer complaints and other areas helping us to outpace the industry in unit revenue."
Over the past three years, United has, among other steps: reduced its average annual costs by approximately $7 billion; substantially deleveraged its balance sheet; strengthened its network while eliminating unprofitable services; reconfigured its fleet to optimize the use of its aircraft; significantly increased the productivity of all its assets; and introduced new or expanded services targeted to specific customer groups.
UAL Corp. will begin to issue shares of common stock of the reorganized company on or about Wednesday, Feb. 1, 2006, the effective date of the Plan. Most shares will go to the company's former unsecured creditors. Trading of these shares, which will be listed on NASDAQ under the ticker symbol "UAUA," will begin on Feb. 2.
The old shares of common stock that have been trading over the counter under the symbol UALAQ.OB will be cancelled and will no longer trade after Feb. 1, 2006.
