United Airlines, America's second-largest airline, filed for Chapter 11 bankruptcy protection, with debts estimated at some $20 billion.
Economist (US), The, December, 2002
Business
United Airlines, America's second-largest airline, filed for Chapter 11 bankruptcy protection, with debts estimated at some $20 billion. The airline is likely to announce a more aggressive cost-cutting drive than its earlier effort, which failed to secure a $1.8 billion federal loan guarantee.
American Airlines, America's biggest, asked staff to forgo next year's pay rises to save $130m. The airline wants to save some $3 billion annually to stay competitive and avoid the fate of United.
Pilots at
US
Airways reached a tentative agreement on pay cuts that would save the airline $100m a year. The airline filed for bankruptcy protection in August and hopes to finalise a $1 billion federal loan guarantee later...
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