United To Emerge From Three Year Bankruptcy
Late last week a judge approved the emergence of troubled United Airlines from chapter 11 bankruptcy. It is thought that following the approval of the company’s reorganization plan, the airline could be emerging from chapter 11 as early as February. The approval came from bankruptcy judge Eugene Wedoff.The judge stated: "If there's not a feeling of exaltation in this room, perhaps there can be a feeling of relief. Certainly not everyone can be completely happy." His latter comments related to the fact that many employees of the airline have lost their jobs, others have had to compromise jobs and benefits, and stocks have had to be cancelled.
He also said of United that "it has the potential to be a profitable investment, a reliable business partner and a stable employer. … The bankruptcy system merely provided the framework." He thanked all parties involved for their "hard work, creative thinking, willingness to compromise and willingness to accept a less-than-ideal result."
A Denver lawyer commented that the approval and decision was a positive one, stating: "They are now in a position to focus on the business and not just the bankruptcy," he said. "It just allows them to get onto the next level of competing in an incredibly intense market."
Topic Added February 7th, 2006
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