NYTimes.com Article: Bankruptcy Judge Rules Against United Airlines

[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

 



The article below from NYTimes.com
has been sent to you by psa188@xxxxxxxxx



/--------- E-mail Sponsored by Fox Searchlight ------------\

 I HEART HUCKABEES - OPENING IN SELECT CITIES OCTOBER 1

 From David O. Russell, writer and director of THREE KINGS
 and FLIRTING WITH DISASTER comes an existential comedy
 starring Dustin Hoffman, Isabelle Hupert, Jude Law, Jason
 Schwartzman, Lily Tomlin, Mark Wahlberg and Naomi Watts.
 Watch the trailer now at:

 http://www.foxsearchlight.com/huckabees/index_nyt.html

\----------------------------------------------------------/


Bankruptcy Judge Rules Against United Airlines

September 24, 2004
 By THE ASSOCIATED PRESS





Filed at 3:13 p.m. ET

CHICAGO (AP) -- A federal bankruptcy judge ruled against
United Airlines on Friday in a procedural dispute, siding
with unions who said the company submitted unsubstantiated
factual claims about how employees would be affected if
their pension programs were terminated.

Judge Eugene Wedoff granted an emergency motion filed by
United's machinists and flight attendants, striking from
the record a 107-page document which parent company UAL
Corp. filed with the court late Thursday.

The ruling does not derail United's controversial bid to
shed its pension obligations but underscores that
eliminating them will not be achieved without a legal
battle.

The unions had key backing in their emergency motion from
the Pension Benefit Guaranty Corp., the government agency
that would have to take on billions of dollars in
obligations if United terminates the pensions.

In the filing, United said its pension plans are in far
better financial condition than previously estimated and
that the impact of terminating them would be less than
initially feared. It said its four pension plans are
underfunded by $2.7 billion, as opposed to the $8.3 billion
estimated by the pension agency.

The government agency strongly objected to the United
filing, telling the court it was ``procedurally improper,
gives potentially opposing parties no realistic opportunity
to respond and serves no legitimate purpose.''

Wedoff agreed with that reasoning at a hearing Friday
morning.

United spokeswoman Jean Medina said the company was
disappointed.

``We still believe the information is important for all of
our employees and retirees and other stakeholders,'' she
said. ``We will continue to make the information briefs
available.''

United's pilots, who would take by far the biggest hit if
pensions are eliminated, had joined the other employee
groups in assailing the filing.

``No amount of self-serving sugarcoating by the company's
lawyers can mask the plain fact that ... the immediate
impact on thousands of individual retired and active pilots
will be devastating,'' the Air Line Pilots Association said
late Thursday.

^------

On the Net:

www.united.com

http://www.nytimes.com/aponline/business/AP-United-Airlines.html?ex=1097054939&ei=1&en=ab4d6b663dc3e5ce


---------------------------------

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

[Index of Archives]         [NTSB]     [NASA KSC]     [Yosemite]     [Steve's Art]     [Deep Creek Hot Springs]     [NTSB]     [STB]     [Share Photos]     [Yosemite Campsites]