Tue, Jun 08, 2004
Says Exit Depends On ATSB Funds
United Airlines has asked a federal
judge for more time -- three months more, to be specific -- so it
can finalize and present its financial reorganization plan to
Originally, United said it would emerge from Chapter 11
bankruptcy over the summer. But the airline is still looking for
about $1 billion from the Air Transportation Stabilization Board.
That's money that House Aviation Subcommittee Chairman John Mica
(R-FL) says probably won't be forthcoming.
In its Friday filing with the Chicago federal court, United
said, "a projected exit (from Chapter 11) during the fall is a more
realistic possibility, although the exact timetable will not
crystallize until the ATSB reaches a decision."
UAL, the world's second-biggest airline behind American, filed
for bankruptcy in December 2002, predicting at the time it would
need about 18 months to get its financial act back together. But so
far, Washington has refused to part with the ATSB money United says
it needs to regain its feet.
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