United plan of reorganization accepted by all voting creditor classes

By Caroline Salls

Pittsburgh, Dec. 30 - UAL Corp.'s voting creditors have accepted its plan of reorganization, according to a company news release.

Of the UAL plan classes voting on the plan, 100% of holders of unsecured convenience class claims and unsecured rejected aircraft claims voted to accept the plan, while 81.989% of creditors holding 79.455% of other unsecured claims voted to accept it.

Of the consolidated United debtors plan classes, holders of 100% of unsecured PBGC claims and unsecured public debt aircraft claims voted to accept the plan.

Also, 88.347% of holders of 90.470% of consolidated United plan class unsecured convenience class claims; 95.167% of holders of 92.364% of unsecured retiree convenience class claims; 98.889% of holders of 99.504% of unsecured retained aircraft claims; 64.286% of holders of 83.824% of unsecured rejected aircraft claims; 99.655% of holders of 99.972% of unsecured Chicago Municipal Bond claims and 69.102% of holders of 85.784% of other secured claims voted to accept the plan.

"These results validate our efforts to develop an exit plan that is in the best interests of all of our stakeholders and maintains our strong momentum toward emerging from Chapter 11 in February," chairman, chief executive officer and president Glenn Tilton said in the release.

A plan confirmation hearing is scheduled for Jan. 18.

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

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