But they announced today that they will lose at least 1.2 billion in the first quarter alone
??? Since the first quarter hasn't ended yet, I don't know how you arrived at your figure. United announce 749 million in losses for January and February. They also announced that at the end of the month of February, they had a cash balance of 1.5 billion. I am not sure if this figure includes the 365 million they will get back from the IRS. I do believe United has been carrying this figure somewhere on their books even though they are just now getting the refund.
Here is a paragraph from the DJN in an article I just discovered:
"UAL Corp., which reported further losses for February, is taking advantage of its bankruptcy-court proceedings to squeeze deeper savings from its workers and equipment lessors. As a result, some analysts believe recent concerns that the United Airlines parent could be forced to liquidate have been overblown."
BTW, the war relief pay cuts United will be seeking are 9% for all unions, up to 18% for management.
UAL744Flagship - No time frame for re-filing. They undoubtedly will have to wait until after they meet their covenants in May and June. Part of the plan was to repay some of the DIP money with money from the loan guarantee. Whether the ATSB will allow United to use the loan for such a purpose remains to be seen. If
all goes well, I could see them re-filing by mid-summer.
As for the loan keeping United out of bankruptcy, it was all a PR
stunt to pressure the unions to make concessions and to enlist big names to pressure the ATSB. Had United received the guarantee back in December, they would have filed bankruptcy anyway. They just wouldn't have filed when they did. When would they have filed had they received the guarantee? Right about now I should think.