United Denies Bankruptcy Filing | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-04.29.24

Airborne-NextGen-04.30.24

Airborne-Unlimited-05.01.24 Airborne-AffordableFlyers--05.02.24

Airborne-Unlimited-05.03.24

Mon, Sep 08, 2008

United Denies Bankruptcy Filing

Says Erroneous Online Report To Blame

ANN REALTIME REPORTING 09.08.08 1530 EDT: The reposting of a six-year-old news report was to blame Monday for panic among investors in UAL Corp., parent company of United Airlines... who dumped their shares in the troubled carrier, believing UAL had filed for Chapter 11 bankruptcy for the second time in six years.

The run on United shares began Monday morning, when the South Florida Sun-Sentinel posted a 2002 Chicago Tribune story about United's original Chapter 11 filing on its Web site. That story was, in turn, picked up by Income Securities Advisors Inc... which then redistributed it on the Bloomberg wire network.

Bloomberg picked up the story, but quickly pulled the article when United vehemently asserted it had not, in fact, filed for bankruptcy again.

"United has demanded a retraction from the Sun-Sentinel and is launching an investigation," the airline said in a terse release. "United continues to execute its previously announced business plan to successfully navigate through an environment marked by volatile fuel prices and continues to have strong liquidity."

United spokeswoman Jean Medina had no further comment.

The Tribune Co, which owns both the Chicago Tribune and the Sun-Sentinel, also took pains to clarify the situation.

"We have been informed that a 2002 Chicago Tribune news report about United Airlines' financial condition was picked up and circulated on the Internet Monday morning," Chicago-based Tribune said in a statement. "The story is not current. We are looking into the situation."

Income Securities president Richard Lehmann said his company ran the story after doing a routine search for news items related to bankruptcy filings. "The story was dated Sept. 8, 2008," Lehmann said Monday. "There was nothing in the story to indicate it was really a 6-year-old story."

Shares in United mostly rebounded following a 90-minute halt in trading, after falling some 76 percent to a low of almost $3. By midday, stock was down $1.12, or 9.2 percent, to $11.18.

FMI: www.united.com

Advertisement

More News

ANN's Daily Aero-Linx (05.02.24)

Aero Linx: Model Aeronautical Association of Australia MAAA clubs are about fun flying, camaraderie and community. For over 75 years, the MAAA has been Australia’s largest fl>[...]

ANN's Daily Aero-Term (05.02.24): Touchdown Zone Lighting

Touchdown Zone Lighting Two rows of transverse light bars located symmetrically about the runway centerline normally at 100 foot intervals. The basic system extends 3,000 feet alon>[...]

Aero-News: Quote of the Day (05.02.24)

“Discovery and innovation are central to our mission at Virgin Galactic. We’re excited to build on our successful record of facilitating scientific experiments in subor>[...]

ANN FAQ: Contributing To Aero-TV

How To Get A Story On Aero-TV News/Feature Programming How do I submit a story idea or lead to Aero-TV? If you would like to submit a story idea or lead, please contact Jim Campbel>[...]

NTSB Final Report: Cirrus Design Corp SR20

Student Pilot Reported That During Rotation, “All Of A Sudden The Back Of The Plane Kicked To The Right..." Analysis: The student pilot reported that during rotation, “>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC