Business Services Industry
Air Transportation Board Chides United Airlines over Revenue Projections.
Knight Ridder/Tribune Business News, December, 2002
By Aldo Svaldi, The Denver Post Knight Ridder/Tribune Business News
Dec. 6--The Air Transportation Stabilization Board chided United Airlines in its rejection letter for rose-colored revenue projections, cost cuts that didn't go far enough and no game plan to deal with a massive pension shortfall.
United's high costs came under fire in the three-page document explaining why it was denied $1.8 billion in loan guarantees Wednesday.
"This is not just about costs; it's about a business plan that is fundamentally flawed," said board member Peter Fisher, the U.S. Treasury undersecretary.
The board even questioned the value of collateral that United said could back loans made with the government guarantees.
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