Sunday January 29, 2006

Losses spiral at United Airlines

peakoil.com -> news.bbc.co.uk :

United Airlines' parent company made a $21 billion loss last year due to charges arising from its bankruptcy. It suffered pre-tax losses of $16.6 billion alone in the last quarter after it recognized many unsecured claims. United was one of several US carriers to seek bankruptcy protection due to soaring costs and flagging demand.

UAL Corp is due to emerge from Chapter 11 bankruptcy next month after three years of restructuring. It has cut its workforce by a quarter and secured huge pay concessions from pilots and other staff. It is radically restructuring its business in an effort to reduce annual costs by $7 billion by 2010. CEO Glenn Tilton admitted the company must do more to reduce costs and boost revenues. He also warned that fuel costs would be $885 million higher in the current year than previously thought.

Google Base:
american airlines

(2006-01-29 13:13:44 SGT) [Biz] Permalink

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