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Tue, Aug 10, 2004

United Asks For More Time

Wants To File Reorganization Plan At End Of Year

United Airlines' parent company, UAL, wants a little more time. Four months, to be exact.

The world's second-biggest airline says it thinks it "may require six months or more to complete the foregoing exit process and other restructuring initiatives," according to Reuters.

United filed for bankruptcy in December, 2002. Scheduled to emerge from Chapter 11 at the end of this month, the airline now says it needs more time to wrap up talks with potential lenders. The company says it will consider taking on a partner "only if necessary," according to Reuters.

Last month, the government turned United down cold in its request for $1.1 billion in loan guarantees. To that, United responded, "To obtain exit financing not largely backed by the full faith and credit of the United States, and in the midst of record-high fuel prices and a highly competitive revenue environment, United must embark on significant additional restructuring initiatives, including additional cost-cutting and efficiency improvements, to develop a more austere business plan."

FMI: www.united.com

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