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UAL reports fourth quarter loss of $493 million
By Ellen Chang
Houston, Jan. 27 - UAL Corp., parent of United Air Lines, reported an operating loss of $493 million for the fourth quarter due to high fuel costs and a difficult domestic revenue environment.
The figure compares to a $134 million operating loss in the fourth quarter of 2003.
For the full year 2004, UAL reported a net loss of $1.6 billion, compared to a net loss of $2.8 billion in 2003.
The company ended the quarter with an unrestricted cash balance of $1.3 billion plus restricted cash of $877 million for a total cash balance of $2.1 billion.
The company posted a $235 million operating loss for December.
The Chicago-based airline said it received a waiver from its DIP lenders for the monthly EBITDAR covenants during the fourth quarter. As previously reported, United is negotiating a reset of covenants with its DIP lenders.
United filed for bankruptcy on Dec. 9, 2002. Its Chapter 11 case number is 02-48191.
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