United Airlines resolves objections to disclosure statement.
United Airlines has resolved the major objections to its disclosure statement, the airline told bankruptcy judge Eugene Wedoff yesterday (20 October).
The resolution of the major objections means that the airline has cleared the way to getting approval for a key part of its plan for exiting Chapter 11 bankruptcy protection. The judge is expected to sign the plan soon, possibly today (21 October) at the airline's monthly hearing, The Associated Press reported.
In its disclosure statement United specifies how it will pay its creditors and how it will manage its operations after emerging from bankruptcy protection.
United's spokeswoman Jean Medina has said that objections by the government's pension agency, amongst others, have seen the airline make changes to its disclosure statement this week that settled 17 of the complaints, which includes those of the creditors' committee and the Pension Benefit Guaranty Corp. Medina said that the settlements are not expected to add to the cost of United's bankruptcy reorganisation.
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|Publication:||Airline Industry Information|
|Article Type:||Brief Article|
|Date:||Oct 21, 2005|
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