UAL asks court OK to bid on FLYi assets

By Caroline Salls

Pittsburgh, Dec. 23 - UAL Corp. requested court approval to bid on assets of FLYi, Inc., according to a Thursday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

United already submitted a bid for its targeted assets on Dec. 16, subject to court approval.

The company said it needed to submit the bid to be able to participate in an auction to be held, if necessary, on Jan. 3.

United said the target assets would be strategically and competitively valuable to the company, and bidding on the assets would be consistent with United's business plan.

The company also said being allowed to bid would let it take advantage of a unique opportunity to purchase the assets at an "economically attractive price."

UAL, the Chicago-based parent of United Airlines, filed for bankruptcy on Dec. 9, 2002. Its Chapter 11 case number is 02-48191.

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