UAL expects to file plan Aug. 1, emerge from Chapter 11 this fall

By Caroline Salls

Pittsburgh, July 1 - UAL Corp. proposed a timeline that keeps it on track to emerge from Chapter 11 bankruptcy this fall, according to a company news release.

Under the proposed schedule, United intends to file its plan of reorganization and disclosure statement on Aug. 1.

"We are today prepared to begin the exit process to emerge from bankruptcy this fall, despite extraordinary external challenges," said Jake Brace, executive vice president and chief financial officer, in the release.

"While significant work remains, we believe this timeline for exit is realistically achievable."

The company has also requested that the court schedule a hearing to approve the disclosure statement for early September and fix Aug. 29 as the record date for determining the holders of stocks, bonds, debentures, notes and other securities entitled to receive ballots and materials necessary to vote on the plan.

The Chicago-based parent of United Air Lines filed for bankruptcy on Dec. 9, 2002. Its Chapter 11 case number is 02-48191.

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