United Airlines -- die nächste große Pleite? - 500 Beiträge pro Seite

[Gatsby2]

-- =DJ UAL Confirms -2: Shares Off 20% On Bankruptcy Talk >UAL --


By Ann Keeton
Of DOW JONES NEWSWIRES

CHICAGO (Dow Jones)--A spokesman for UAL Corp. (UAL), parent company of
United
Airlines, confirmed a report that the nation`s second-largest airline hired
bankruptcy lawyers following the Sept. 11 attacks last year.
But, said spokesman Joe Hopkins, he couldn`t comment further on the report
discussing the possibility that the company could file for Chapter 11 protection
later this year.

A story in Business Week magazine, dated Aug. 12 but available to subscribers
on the publication`s Web site, said the carrier could face a crisis by the fall
if it doesn`t get the $1.8 billion federal loan guarantee it`s requested.

Shares of UAL dropped sharply, recently trading at down $1.06, or 20.3%, at
$4.16 on composite volume of 1.5 million shares; average daily volume is 1.3
million. The 52-week low for the shares is $3.47.

(MORE) Dow Jones Newswires 08-02-02
1037EDT(AP-DJ)--08-02-02 1037EDT

Symbols:
US;UAL

02-Aug-2002 14:37:57 GMT

[Micky_Maus]

Hey Gatsby!

Irgendwie hängen wir immer zur gleichen Zeit hier im Board.


UAL hat zwar 3 Mrd $ flüssige Mittel, jedoch 8,5 Mrd $ Schulden. Die letzten Quartale wurden erhebliche Verluste eingefahren bzw. eingeflogen.

Börsenwert ca 250 Mio $

UAL hat nach den WTC-Anschlägen auf Insolvenz spezialisierte Anwälte angeheuert, wie jetzt zugegeben wird.

Ich gehe aber davon aus, dass UAL aus politischen Gründen nicht fallen gelassen wird.

Heiße Sache jedenfalls...

[Gatsby2]

Hey Micky,

ja, mir fiel auch gelegentlich auf, daß wir öfters gleichzeitig eingeloggt sind.

Und es stimmt natürlich auch, daß die Anwälte schon zeitnah nach dem 11.09. angeheuert wurden. Bloß komisch, daß das jetzt auf einmal einer Bestätigung bedarf.

Mit der politischen Unterstützung für UAL könntest Du durchaus recht behalten, wobei allerdings die staatliche Unterstützungskasse durch US-Airways (U steht noch näher am Bankrott als UAL) schon stark belastet ist. Aber vielleicht hilft ja die Star-Alliance (Lufthansa) mal wieder ebenso großzügig aus, wie seinerzeit bei Canadian Airlines...

Gruß

Gatsby

P.S.:

Übrigens hörte ich von Bekannten aus den USA, daß INAP (Thread: ++INTERNAP (Nasdaq: INAP) ++die 2.Chance) auch dort als heißer Tip unter der Hand gehandelt wird.

[Micky_Maus]

@Gatsby

Danke für die aufmunternden Worte zu Internap (INAP).

Der Kurs steht im krassen Gegensatz zu den Meldungen und zum Geschäftsverlauf. Bevor Internap pleite geht, beissen noch ganz andere ins Gras.

Die Fundamentaldaten sind nicht so schlecht, leider ist die Nachrichtenlage recht dünn. Im Vergleich zu Akamai und Inktomi steht INAP jedenfalls besser da.

[Gatsby2]

Klar doch, für ein paar aufmunternde Worte bin ich immer zu haben.

Übrigens dachte ich heute darüber nach, mal einen Thread für Lufthansa aufzumachen. (Kaufen wollte ich allerdings derzeit noch nicht.)

Hättest Du Interesse?

[Micky_Maus]

@Gatsby

Wäre ok. Ist ein wirklich grundsolides Unternehmen, eine "Oma"-Aktie zum langfristigen Halten. Kann mich noch erinnern, wie du dich geärgert hast, LH nicht einstellig gekauft zu haben. Ist derzeit günstig zu haben.

Bis denn im DAX-Bereich.

Gruß Micky

[Gatsby2]

Nein, nein, das Thema ist noch nicht vom Tisch, und so wie es aussieht wird auch Boeing Financial nicht ungeschoren davonkommen.

Nicht zuletzt wegen des Engagements bei United Airlines wird der Boeing Konzern etwa 20 Cent vom Gewinn pro Aktie abschlagen müssen.

Reuters Business Report
Boeing Sets Earnings Charge
Friday October 4, 10:02 am ET

By Kathy Fieweger

CHICAGO (Reuters) - Boeing Co. (NYSE:BA - News), the world`s largest commercial
airplane manufacturer, said on Friday its third-quarter net earnings will be cut by $158
million because the lingering aviation downturn is reducing aircraft values in its
financing division portfolio.

The company said in a statement it will take $250 million in pretax,
noncash charges in the third quarter as the slump in commercial
aviation particularly cuts the value of older and out-of-production aircraft. Newer aircraft
models have seen "more moderate" declines, the company said.

Boeing Capital Corp., the financing and investment arm of the company, has a portfolio
worth $11.5 billion, of which $8.8 billion is related to Boeing products and services,
mostly planes. UAL Corp.`s (NYSE:UAL - News) United Airlines accounts for about $1.3
billion of that, or 12 percent.

United warned in mid-August it might file for bankruptcy this autumn unless it could get
major concessions from its labor groups to back a federal loan guarantee application.

Five unions recently offered the airline $5 billion in cuts over five years, but the airline
had initially asked for more -- $9 billion over six years -- to support its application to the
Air Transportation Stabilization Board. So far, United has not responded to the union`s
proposal.

"Boeing and BCC anticipated that airline traffic and profitability would gradually, but
steadily, recover following Sept. 11, 2001," the company said. "However, recent
announcements by the major domestic airlines and credit rating agencies indicate that
this recovery will not be as rapid as anticipated."

Analysts were expecting Boeing to earn between 58 cents per share and 74 cents per
share, with a mean estimate of 66 cents a share, according to research firm Thomson
First Call. The charges will shave 20 cents a share off earnings.

Boeing shares fell 71 cents or 2.07 percent to $33.60 on Friday morning on the New
York Stock Exchange. The shares have traded between $31.60 and $51.07 in the last
12 months.

CREDIT RATINGS UNDER PRESSURE

The company said charges recognized in the third quarter reflect the continued
pressure on airline credit ratings as well as collateral valuations.

To record these noncash charges, third-quarter BCC segment operating earnings will
be reduced by about $149 million. Operating earnings in its "other" segment will be
reduced by about $101 million due to certain guarantees the parent has provided to
BCC.

Boeing said it did not record any significant airline-related receivable write-offs in the
quarter, nor did airline delinquency rates in the BCC portfolio substantially deteriorate.

But Boeing and BCC determined that an increase in the "valuation allowance" for
BCC`s portfolio of receivables was warranted. As a result, the allowance recorded by
BCC as of Sept. 30 will equal about 3.1 percent of the applicable BCC receivables, up
from 2.1 percent at June 30, 2002.

At the end of the second quarter, Boeing said UAL`s portion of its portfolio was the
largest at about 12 percent, mostly for financings related to recent deliveries of 777s.

On Friday, Boeing said among BCC`s other exposure to United is a long-held
investment in an aircraft financing vehicle known as equipment trust certificates, in this
case totaling approximately $79 million.

"This investment, securitized by aircraft on lease to United Airlines and classified as a
held-to-maturity debt investment, has declined in value for a period that is now
determined to be other than temporary," Boeing said.

As a result, the investment is being written down to its estimated current fair value.

"The ultimate realization of this investment will depend upon United Airlines continuing
to meet its related contractual obligations," it said.

[Micky_Maus]

Nachricht vom 3.10.:

KONKURS

United, die zweitgrößte amerikanische Fluggesellschaft, ist in schweren Finanznöten und zieht ohne Tarifkonzessionen seiner Mitarbeiter einen Konkursantrag in Erwägung. US Airways, die sechstgrößte amerikanische Airline, befindet sich bereits in einem Konkursverfahren. Beide haben im Zuge der Luftfahrtkrise nach den Terroranschlägen vom 11. September 2001 riesige Verluste gemacht.

United-Chef Glenn Tilton verwies darauf, dass die beiden Fluggesellschaften strategisch gut zueinander passten. US Airways-Chef David Siegel hob das starke Streckennetz seiner Airline im Osten der USA und die expandierenden Flugverbindungen in die Karibik hervor. United verfüge über eine starke Position im Westen der USA sowie in Europa, Asien und Lateinamerika. Die Passagiere würden von der Vereinbarung profitieren. Die beiden Fluggesellschaften wollen die Code-Sharing-Flüge vom ersten Quartal 2003 an stufenweise einführen./br/DP/ar


Inzwischen ist auch DeltaAirLines geil bewertet.

Gatsby, wo bleibt denn dein Lufthansa-Thread? Oder wartest du noch auf die 5€ ??

Gruß Micky

[Gatsby2]

Micky,

Lufthansa für 5 EUR wär doch nett.

Aber einstweilen muß der Kranich auf mein Geld noch warten, denn es will erst verdient sein.

Und Deiner Anregung folgend hat es gerade einen kleinen Umweg über Loral eingeschlagen, die heute schöne Nachrichten hatten...

Gruß

Gatsby

[Gatsby2]

Die Piloten stimmen über Gehaltskürzungen ab, die Lieferanten werden um Zugeständnisse angegangen, 2.700 Flugbegleiter sind ihren Job los, und die Regierung, ja selbst die KfW soll für billige Darlehen sorgen.

Irgendwie sprechen diese Nachrichten Bände, und eingedenk des neuesten Urteils vom EuGH dürfte das wohl auch ein Vorbote für einige europäische Fluglinien sein. Wetten werden noch angenommen, aber SAS, Olympic, Iberia und Alitalia wackeln schon jetzt bedenklich.

Reuters
United Pilots Begin Voting on Pay Cuts
Friday November 8, 5:04 pm ET
By Kathy Fieweger

CHICAGO (Reuters) - Rank-and-file pilots at UAL Corp.`s (NYSE:UAL - News) United Airlines
have begun voting on $2.2 billion in wage concessions as the financially struggling airline asks
lessors for breaks on aircraft payments in a bid to avoid bankruptcy.

United, the No. 2 U.S. carrier hamstrung
by huge financial losses and high costs,
is working feverishly to avoid a Chapter
11 filing, trying to cut expenses
everywhere possible.

The Elk Grove Village, Illinois-based
airline has asked the government to
back $1.8 billion of a $2.0 billion loan to
help meet fourth quarter debt payments
as millions of dollars in cash are going
out the door each day.

As part of its proposal for the financial
aid, United has promised the Air
Transportation Stabilization Board
significant cost cuts in a variety of
areas, including union labor deals,
vendors, suppliers and nonunion staff.

The ATSB was created after the Sept. 11, 2001, attacks to dole out up to $10 billion in federal
loan guarantees to the airlines.

According to a recent regulatory filing with the U.S. Securities and Exchange Commission,
United also asked Boeing Co. (NYSE:BA - News) to restructure payment on aircraft that
Boeing`s financing arm leases to the airline.

In its latest quarterly SEC filing, Boeing`s financing division Boeing Capital Corp. said United
had asked to restructure the payments on its $1.27 billion in leased aircraft, most of which are
777s.

UAL also asked Boeing to take part in the non-guaranteed portion of its proposed loan secured
by the ATSB.

Boeing Capital Corp. said United is current on all of its payments. While it has had some
discussions on the payments, "it cannot predict whether those discussions will lead to a
mutually acceptable restructuring and whether United ultimately will be successful in obtaining
the approval for the ATSB loan," BCC said in a regulatory filing.

Sources familiar with the matter said United has also approached European jet manufacturer
Airbus (Paris:EAD.PA - News) and GE Capital Aviation Services (GECAS), a unit of General
Electric (NYSE:GE - News), along with other lessors, asking for about an average 25-percent
reduction in payments.

A GECAS spokesman declined to comment. Spokesman for Airbus and United were not
immediately available to comment.

A five-member United union coalition recently agreed to $5.8 billion in wage cuts over 5-1/2
years but each union is individually negotiating its own piece of the pie. Of the biggest unions,
only a pilots committee so far has reached a tentative agreement for $2.2 billion in
concessions.

The ATSB received an initial request from United in June but in the last several weeks has been
reviewing an "updated business plan" after telling the airline more cuts were needed than
originally outlined.

OTHER UNIONS STILL NEGOTIATING

The telephone voting by some 8,800 active pilots comes even though other major unions at the
No. 2 U.S. carrier are still talking to management. The pilots vote will be concluded by Nov. 18,
said Paul Whiteford, head of the Air Line Pilots Association at United.

A cost concession pact with the Association of Flight Attendants is said to be near, while
United and the International Association of Machinists are further apart.

The AFA so far proposed to take 3.6 percent pay cuts, and sources familiar with the matter
said the IAM`s portion is around eight to nine percent.

AFA spokeswoman Sara Dela Cruz said "talks are still going on," but declined to say whether
a deal was near.

The pilots, which won the richest labor contract in the summer of 2000, said they agreed to the
cuts to help win the federal loan backing and keep United out of bankruptcy court.

But Sam Buttrick, analyst at UBS Warburg, said he is among those who "still believe a UAL
Chapter 11 bankruptcy filing is the most likely outcome despite recent positive headlines."

He said the government "may reasonably conclude UAL`s purported savings insufficient relative
to the chronic weak yield environment."

Without the guarantees from the Air Transportation Stabilization Board, Whiteford has also said
he expects a court-supervised restructuring to occur.

United recently extended some big debt payments owed to German bank Kreditanstalt fur
Wiederaufbau (KfW) but has another $375 million payments due on aircraft-backed securities
Dec. 2.

Shares of UAL, which have been very volatile in recent months, closed down 63 cents, or 16
percent, at $3.28 on the New York Stock Exchange.

===================

United to cut 2,700 flight attendants
By Greg Morcroft, CBS.MarketWatch.com
Last Update: 10:44 AM ET Nov. 9, 2002







CHICAGO (CBS.MW) -- United Air Lines said late Friday it`s cutting 2,700, or about 11
percent, of its flight attendants in January due to a reduced flight schedule.

United is fighting to avoid bankruptcy,
and has suffered from a dramatic
slowdown in air travel. It`s asked the US
government Air Transportation
Stabilization Board to back $1.8 billion
of a $2 billion loan to help meet fourth
quarter debt payments.

Since Sept. 11, 2001, United has cut
4,800 flight attendants, including the
latest announcement, and last month
cut 1,500 maintenance, customer
service and reservations employees.

United said it has about 23,800
attendants in its worldwide operations,
adding that it doesn`t know yet which
areas will be affected by the latest cut.

In its bid to gain the government loan
backing, United has been seeking
concessions from its unions worth about
$5.8 billion. United`s pilots are voting
whether to accept $2.2 billion of those
cuts.

The nation`s No. 2 airline is also
negotiating with Boeing (BA: news,
chart, profile) over its aircraft leases.
Boeing said in a 10-Q SEC filing last
week that it is financing $742 million of
United assets and is in talks with the
airline about restructuring costs in that
area.

According to Reuters, United has also
sought concessions from Airbus, the
European aerospace manufacturer, and
from the General Electric (GE: news,
chart, profile) engine-making subsidiary.

Shares of United`s parent UAL (UAL:
news, chart, profile) were down 63 cents
to $3.28 on Friday.

Greg Morcroft is New York news editor of
CBS.MarketWatch.com.

[Gatsby2]

Die letzten Nachrichten über den Gehaltsverzicht der Flugbegleiter und die Ablehnung eines entsprechenden Angebots durch die Mechanikergewerkschaft hat ja bestimmt jeder an UAL interessierte gelesen. Mal sehen, welche Konsequenzen der Vorstand jetzt daraus zieht:

UAL board may discuss Chapter 11 filing today - union board representative


LONDON (AFX) - UAL Corp directors are expected today to discuss whether to start preparing for a Chapter 11 bankruptcy filing, whether to invoke a grace period on a big debt repayment, and ways to jump-start concession talks with United Airlines mechanics, the Wall Street Journal reported, citing the UAL board member representing the mechanics and other unnamed sources.


The report cited UAL union board member Randy Canale as telling union members that directors will update UAL`s application for federal financial assistance and discuss a possible Chapter 11 court petition today.

He also said more board meetings are scheduled for later this week.

The report said a United spokesman declined to comment.

The paper cited other unnamed sources as saying UAL is working to finalize a 1.5 bln usd debtor-in-possession financing deal to allow it to continue funding its operations in the event of a bankruptcy-court protection filing.

The company has been negotiating with four lenders who would take a lead in the financing and likely would later seek participation from other lenders in a syndication arrangement, the sources said.

The four lenders are JP Morgan Chase & Co, Citigroup Inc, Bank One Corp and General Electric Co`s GE Commercial Finance unit. Chicago-based Bank One has a longtime relationship with the airline as the issuer of Visa cards tied to the carrier`s Mileage Plus frequent-flier program.

[Gatsby2]

Sabena, SwissAir, US-Airways und heute UAL. Es darf gewettet werden, wer der nächste ist. Aussichtsreiche Kandidaten wären bspw. Olympic, Iberia oder Varig Brazil.

Reuters
It`s Chapter 11 for United Airlines
Monday December 9, 9:27 am ET
By Kathy Fieweger


CHICAGO (Reuters) - United Airlines filed for bankruptcy on Monday, the largest such case ever in the global airline industry, after high costs and low airfares left the world`s No. 2 carrier with too much debt and not enough cash.
ADVERTISEMENT


UAL Corp.`s United (NYSE:UAL - News), with one of the broadest networks in the world, will continue to fly worldwide as it attempts to reorganize under protection from the U.S. Bankruptcy Court in the Northern District of Illinois.

The entire U.S. airline industry has been reeling from a weak U.S. economy and the Sept. 11 attacks, posting losses last year of about $10 billion and on track for at least $7 billion in losses this year.

United stressed in a statement it will be "business as usual" for customers.

But for employees, suppliers and others, changes are in store, said Chief Executive Glenn Tilton.

"During the Chapter 11 process, we will go further and deeper in our efforts to reduce our costs," he said. "We are developing a very compelling plan of reorganization that will enable us to successfully emerge as a stronger company with a competitive cost structure."

United, with about 83,000 employees, had two of its Boeing (NYSE:BA - News) jets commandeered in the devastating attacks on New York and Washington on Sept. 11, 2001.

Since then it has posted nearly $4 billion in losses, with no end in sight to the red ink.

Judge Eugene Wedoff, chief of the bankruptcy court in Chicago, will preside over the huge bankruptcy case, which the airline said it hopes to complete within 18 months. A court hearing is scheduled at 11 a.m. CST on Monday.

SECOND MAJOR U.S. CARRIER IN COURT

Another big U.S. airline, Arlington, Virginia-based US Airways Group (OTC BB:UAWGQ.OB - News), filed for bankruptcy in August, and several smaller carriers have shut down altogether.

For United, which has a history of labor troubles and some of the highest wage costs in the industry, the downturn has also proved too difficult to navigate. The U.S. government last week rejected the airline`s bid for federal loan guarantees, which had been its last hope for securing fresh capital.

The court filing has been widely expected and analysts generally predict a successful although lengthy court process.

"The odds clearly favor a reorganization, but that is by no means a foregone conclusion," said Gary Chase, airline analyst at Lehman Brothers. "United and its employees and suppliers have to quickly address the company`s heavy cash burn in order to ensure a successful reorganization."

UNIONS REACT

In a statement, the International Association of Machinists, representing about 37,500 workers, said it foresees sacrifices for workers but the union is fired up about its role in the bankruptcy.

"Though bankruptcy may be new for our United Airlines members, the IAM has resources and experience in this area. We do not intend to be passive participants in United`s bankruptcy. Actually, we are primed to play an active role."

The Air Line Pilots Association also said any successful restructuring must involve the pilots` union.

"United Airlines` Chapter 11 bankruptcy filing is one of the most difficult and disappointing developments in our proud history and one that we have worked extremely hard over the past 12 months to avoid," said Captain Paul Whiteford, the head of the airline`s pilots branch.

Leaders of United`s unions had agreed to a total of $5.2 billion in wage cuts over 5-1/2 years, but rank-and-file mechanics rejected their $700 million portion the night before Thanksgiving, dealing the bailout plan a blow.

United is 55 percent employee-owned, and the pilots and machinists each have a seat on the company`s board after a 1994 employee stock ownership plan was put in place. A simple majority vote from the board was required to approve a bankruptcy filing. Bankruptcy usually leaves a company`s common stock worthless.

"The natural tendency in situations like this is to waste energy placing the blame," Chase said. "Unfortunately, that`s the most unproductive thing that United and its employees and creditors can do at this time, given that time is of the essence."

Included in the bankruptcy filing are UAL Corp., United Airlines Inc. and 26 other direct and indirect subsidiaries, the airline said.

UAL shares were trading at 55 cents in preopen dealings on Monday, down from a Friday close at 93 cents on the New York Stock Exchange.

FINANCING IN PLACE

United confirmed it arranged with a group of banks for $1.5 billion in financing to see it through bankruptcy. At the final hour, GE Capital (NYSE:GE - News) pulled out of the group of lenders and was replaced by CIT Group (NYSE:CIT - News).

The other three lenders are JP Morgan Chase (NYSE:JPM - News), Citibank (NYSE:C - News) and Bank One (NYSE:ONE - News). Bank One, based in Chicago, will take the heaviest exposure at $600 million. Of its share, half or $300 million is a separate credit line. The remaining $1.2 billion of the financing is divided equally among the four institutions.

Banks and others are willing to lend United the money in bankruptcy because these credit lines get paid back first.

United, based in the Chicago suburb of Elk Grove Village, Illinois, has hired two high-profile public relations firms to help it present the bankruptcy in the best possible light and encourage travelers to continue to use the airline.

[Gatsby2]

Reuters
United Airlines` creditors committee formed
Friday December 13, 6:24 pm ET


CHICAGO, Dec 13 (Reuters) - A committee of UAL Corp.`s (NYSE:UAL - News) United Airlines` unsecured creditors with 13 members including all three large union groups was chosen by the U.S. Bankruptcy Trustee late on Friday.
ADVERTISEMENT


The Air Line Pilots Association, International Association of Machinists and the Association of Flight Attendants will all have representatives, said the U.S. trustee Ira Bodenstein.

The committee will vote on various issues that arise as part of the lengthy bankruptcy process just now beginning.

Also on the committee are the federal pension insurer Pension Benefit Guaranty Corp; Bank of New York (NYSE:BK - News); Airbus North America; United Technologies` (NYSE:UTX - News) Pratt & Whitney unit, HSBC Bank USA (NYSE:HBA - News), US Bank National Association, R Squared Investments LDC, Deutsche Lufthansa AG (Frankfurt:LHAG.F - News), Goodrich (NYSE:GR - News), and Cendant Corp.`s (NYSE:CD - News) Galileo International.