United Can Continue To Settle Claims Says Judge
Despite objections from a number of creditors with regards to the settlements being offered, a judge has ruled that United Airlines can continue to settle tax disputes with companies such as Walt Disney amounting to around $1.2 billion. The objections of the creditors were overruled by the judge, who approved the airline’s proposed settlements with Disney and other plane owners.The plane owners had made claims that when the airline sought bankruptcy they lost tax benefits. Officials for the airline state that about 90 claims have now been settled. United Airlines has stated that Disney will be receiving around 25 percent of what it had originally asked for, to the tune of around $50 million.
After the judge’s ruling, one bankruptcy expert stated: ''It smells like this plan is going to get confirmed and they're going to get out.'' Objections came from unsecured creditors, who could receive just 4-8 cents to the dollar on monies owed. Secured creditors would receive the full amounts owed to them.
Topic Added January 18th, 2006
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