United Airlines delays filing plan of reorganization

New York, Aug. 2 - UAL Corp. said it has delayed filing its plan of reorganization and accompanying disclosure statement in order to allow more time to work on the proposals.

UAL, the Chicago-based parent of United Airlines, said the decision was taken in cooperation with the official committee of unsecured creditors.

In a statement, the company and creditors said: "United and the committee have agreed, at the committee's request, that the company will not file its disclosure statement, plan of reorganization and supplements at this time in order to provide an additional opportunity to continue collaborating on and reviewing the complex, extensive documents as part of the overall confirmation process.

"Both parties agree that this approach and timing can help facilitate an even smoother exit process."

UAL filed for bankruptcy on Dec. 9, 2002 with the U.S. Bankruptcy Court for the Northern District of Illinois. Its Chapter 11 case number is 02-48191.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.