[JURIST] UAL Corporation, the parent company of United Airlines [corporate website], filed its reorganization plan [PDF text] and disclosure statement [text] in US bankruptcy court Wednesday, before the recently extended [JURIST report] November 1 expiration of its exclusive ability to draft such a plan. A $2.5 billion, all-debt loan package from Citigroup, JPMorgan Chase, General Electric and Deutsche Bank will finance the plan, which is expected to take at least three years to complete. United's chairman, CEO and president Glenn Tilton [Forbes profile] recently told employees the target date for exiting bankruptcy, which they entered in December 2002, is February 1. AP has more.
Previously in JURIST's Paper Chase...
- Corporations and securities brief ~ United bankruptcy plan deadline extended
- Bankruptcy judge allows United to scrap pension plans
- BREAKING NEWS ~ US bankruptcy judge nixes United deal with pilots
- Bankruptcy judge blocks repossession of 14 United Airlines jets
- Bankruptcy judge rules against United Airlines in pension dispute
- United Airlines financing plan OKed