UAL Posts Net Loss of $87 Million in November
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UAL Corp., parent of United Airlines, reported a November net loss of $87 million, including a $158-million gain from the sale of Orbitz Inc. shares and $20 million of reorganization expenses.
The No. 2 U.S. airline, which is required to file a monthly financial report with the Bankruptcy Court, said its operating loss for the month was $188 million.
UAL, operating under Chapter 11 protection since December 2002, has said it needs to cut labor costs by $725 million a year beyond the $2.56 billion in concessions it won from unions earlier in the bankruptcy process.
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* A U.S. judge approved Southwest Airlines Inc.’s $117-million deal with ATA Airlines, which gives ATA capital to reinvent itself as it emerges from bankruptcy protection.
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