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United files reorganization plan in bankruptcy court

[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.

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