Sorry if this is OLD NEWS......
United Airlines parent UAL Corp. reported a net loss of $US124 million for October, including $US149 million in reorganisation expenses, and said it may delay exiting Chapter 11 Bankruptcy protection.
It said positive cash flow during the month averaged $US7 million per day with an operating profit of $US60 million a $US300 million improvement compared to October 2002 - with passenger revenue up 9%.
UAL bankruptcy attorney James Sprayregen told a bankruptcy court that unresolved issues with aircraft leases and regional service provider Atlantic Coast Airlines could delay ending Chapter 11.
Atlantic Coast, which provides regional service as United Express, said it would start its own low cost carrier out of Washington's Dulles Airport with 25 Airbus A319s and A320s when its contract with United ends. Mesa Air Group has launched an unsolicited takeover offer for Atlantic Coast.
Aircraft lease negotiations, "could offset the timing" of the planned first half 2004 bankruptcy exit, Sprayregen said.
Photo © Anthony Cheng