"UAL, which has warned of a possible autumn bankruptcy, said the third-quarter net loss amounted to $15.57 per share, compared with a net loss of $1.2 billion, or $21.43 a share, a year earlier."
United plans to file an updated business plan with the Air Transportation Stabilization Board next week. The agency is considering whether to grant federal backing for $1.8 billion of a $2.0 billion loan as United faces large fourth-quarter debt payments. But it wants more cost cuts than the airline previously outlined in late June.
"United, based in the Chicago suburb of Elk Grove Village, Illinois, said it ended the third quarter with $2.0 billion cash on hand despite burning through an average $7 million daily."
UAL lost a record $2.1 billion in 2001 and another $850 million in the first two quarters of 2002.
Photo © Tony Zeljeznjak
At this point, I'd be rather surprised if United can avoid bankruptcy...
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