UAL warns employees of possible Chapter 11 filing
Business Week magazine reports that United Airlines could file for Chapter 11 bankruptcy protection as early as December.
"For the first six months of the year, the average load factor across the system was 73 percent," United CEO Jack Creighton told employees in an internal message. "However, just to break even, just to stop losing money, our load factor needed to be 89 percent.
"How many 89 percent load factor days have we seen so far this year? One. Just one."
UAL told Reuters Newswire that, although it would not disclose a law firm, bankruptcy layers are working for the airline.
Roger
EWROPS