UALs ‘remarkable’ losses

By Administrator |

While most other major airlines around the world have to fend for themselves in the increasingly competitive environment, United Airlines' parent corporation continues to benefit from the protection of Chapter 11 bankruptcy protection.

UAL has now reported that it has lost a staggering $1.43bn during its second quarter, nearly all of which it claims was related to its ongoing effort to exit bankruptcy. The carrier said it recorded a $1.4bn charge for reorganisation items, including $602m in costs stemming from turning over its employee pension plans to the federal government's pension insurer.
The carrier has now lost more than $7bn since it entered bankruptcy protection in December 2002.

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