Disney writes off $114 mln on United plane leases

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// Who else leased aircraft to UAL, Victoria Secrets?



Disney writes off $114 mln on United plane leases  =

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Monday December 23, 4:54 PM EST =


LOS ANGELES, Dec 23 (Reuters) - The Walt Disney Co. said on Monday it wou=
ld take an $83 million charge and write off its investment in airplanes l=
eased to UAL Corp.'s(UAL) United Airlines since the carrier had declared =
bankruptcy.

Entertainment conglomerate Disney said in a statement it would write off =
a $114 million investment and take an after-tax charge of $83 million, or=
 4 cents per share, in its fiscal first quarter ending Dec. 31. UAL filed=
 for bankruptcy protection on Dec. 9.

"Based on United's recent bankruptcy filing, the company believes it is u=
nlikely that it will recover this investment," Disney said.

Disney retains investments of about $175 million in planes leased by Delt=
a Air Lines Inc. (DAL) and FedEx Corp.(FDX).

Earlier on Monday, postage meter maker Pitney Bowes (PBI) announced a cha=
rge of $100 million related to leases with United and US Airways Group In=
c.(UAWGQ). On Saturday, US Airways Group filed its reorganization plan. T=
he company had filed for bankruptcy protection in August. =



=A92002 Reuters Limited. =


Roger
EWROPS

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