United Again Delays Exit From Bankruptcy
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UAL Corp.’s United Airlines has pushed back its targeted exit from bankruptcy from this summer until fall, ensuring that its complex restructuring will now last close to three years -- twice as long as anticipated.
The latest delay was formally acknowledged when a U.S. Bankruptcy Court judge approved an agreement between United and its lenders that extends its temporary financing by three months, until Sept. 30.
The improved terms represent a vote of confidence for United even though it continues to be unprofitable after 26 months in bankruptcy, reporting a widened fourth-quarter loss of $664 million and a $1.6-billion deficit for 2004.
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