The article below from NYTimes.com has been sent to you by psa188@xxxxxxxxx /--------- E-mail Sponsored by Fox Searchlight ------------\ THE DREAMERS - IN SELECT CITIES Set against the turbulent political backdrop of 1968 France when the voice of youth was reverberating around Europe, THE DREAMERS is a story of self-discovery as three students test each other to see just how far they will go. THE DREAMERS is now playing in select theaters. for more info: http://www.foxsearchlight.com/thedreamers/index_nyt.html \----------------------------------------------------------/ Source: United Pushes Back Ch. 11 Target March 18, 2004 By THE ASSOCIATED PRESS Filed at 12:58 p.m. ET CHICAGO (AP) -- United Airlines has pushed back its target for emerging from bankruptcy from June 30 to late summer as it awaits verdicts from Washington on its application for a federal loan guarantee and on pension reform legislation, a source familiar with the matter said Thursday. The nation's No. 2 carrier intends to propose a new target date to U.S. Bankruptcy Judge Eugene Wedoff before its monthly bankruptcy hearing on Friday, said the source, speaking on condition of anonymity. United spokeswoman Jean Medina declined to comment on the prospective delay, which was first reported in Thursday's editions of The Wall Street Journal and The New York Times. The airline said when it filed for Chapter 11 bankruptcy in December 2002 after incurring more than two years of heavy losses that it expected to spend about 18 months in bankruptcy. It spent 2003 slashing labor costs, negotiating new aircraft leases and obtaining $2 billion in financing from J.P. Morgan Chase and Citigroup, and told the court in January it was on track for a June 30 exit. But the Elk Grove Village, Ill.-based carrier still has several issues to resolve. The Air Transportation Stabilization Board, which rejected United's bid for a federal loan guarantee just before it filed for bankruptcy, has not ruled on its three-month-old request for a $1.6 billion guarantee. The exit financing that United obtained hinges on the loan guarantee being approved. United also is in urgent need of pension relief before it can emerge and is hoping for congressional passage soon of a bill that would effectively grant airlines a two-year delay in pension payments. Under current law, United parent UAL Corp. faces $4.8 billion in required payments to its pension plan trusts by the end of 2008. ``They've got to get the pension liability issue out of the way before they can get the loan (guarantee),'' said airline analyst Ray Neidl of Blaylock and Partners, who was not surprised by the delay. ``And they need the loan to get out of bankruptcy.'' A cash crunch for United and other carriers has been worsened lately by a sharp jump in the cost of jet fuel, the airline's second-biggest expense after labor. Jet fuel now costs more than $1.03 a gallon, up 50 percent from two years ago -- an increase costing United hundreds of millions of dollars a year. Also, United faces the risk of financial and other consequences from a court squabble with some of its employees. At the behest of the flight attendants' union, an independent examiner was appointed last month to look into whether the airline misled its employees about its plans to reduce retiree health care benefits. The examiner is to report to the bankruptcy judge on Friday. ^------ On the Net: www.united.com http://www.nytimes.com/aponline/business/AP-United-Bankruptcy.html?ex=1080641018&ei=1&en=7f38cc63610ed548 --------------------------------- Get Home Delivery of The New York Times Newspaper. Imagine reading The New York Times any time & anywhere you like! Leisurely catch up on events & expand your horizons. Enjoy now for 50% off Home Delivery! Click here: http://homedelivery.nytimes.com/HDS/SubscriptionT1.do?mode=SubscriptionT1&ExternalMediaCode=W24AF HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@xxxxxxxxxxx or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@xxxxxxxxxxxx Copyright 2004 The New York Times Company