Timbuff10
Well-Known Member
I was wondering how long UA can stay afloat if it keeps this up as it has for the last year plus. According to Reuters here it says UA has a little over $2 billion left minus some half billion. If they continue to lose $250 million a month my calculations say they are done by mid summer.
As much as I like to see Frontier kick their butt here in Denver, if they go under, the pool of unemployed pilots will skyrocket thus the road to the cockpit for many of us here just got longer. Not to mention the thousands of others that will be out of work.
Hmmm this has me thinking about something else though, would Bush let one of the largest airlines go out of business right before an election?
Reuters
UAL Has $191 Million Jan. Operating Loss
Thursday February 26, 1:57 pm ET
CHICAGO (Reuters) - United Airlines parent UAL Corp. (OTC BB:UALAQ.OB - News) on Thursday reported an operating loss of $191 million for the month of January.
Elk Grove, Illinois-based United, the world's second-biggest airline, filed the largest bankruptcy in aviation history in December 2002, and hopes to emerge from court protection around the middle of this year.
UAL said its net loss for January, including $26 million in reorganization expenses, was $252 million. It ended the quarter with $2.2 billion in cash, of which $650 million was restricted for existing obligations.
The cash balance was down $131 million from December, the carrier said, adding that it met special bankruptcy financing requirements for the 12th consecutive month.
The change in the cash balance included a retroactive, $63 million quarterly wage payment to the International Association of Machinists. The airline reports the monthly statistics as a result of its Chapter 11 bankruptcy case.
"Our financial results show progress compared to January a year ago, and United continued to outpace our competitors in passenger unit revenue improvement, despite the seasonally weak demand across the industry, which we expect to continue in February as well," said Chief Financial Officer Jake Brace in a statement.
Mainline unit revenue, which represents the amount of revenue taken in per available seat mile, rose 8 percent year-over-year, United said, above the industry average.
A similar cost measure excluding special charges and fuel improved 14 percent, the company said.
OUCH!
As much as I like to see Frontier kick their butt here in Denver, if they go under, the pool of unemployed pilots will skyrocket thus the road to the cockpit for many of us here just got longer. Not to mention the thousands of others that will be out of work.
Hmmm this has me thinking about something else though, would Bush let one of the largest airlines go out of business right before an election?
Reuters
UAL Has $191 Million Jan. Operating Loss
Thursday February 26, 1:57 pm ET
CHICAGO (Reuters) - United Airlines parent UAL Corp. (OTC BB:UALAQ.OB - News) on Thursday reported an operating loss of $191 million for the month of January.
Elk Grove, Illinois-based United, the world's second-biggest airline, filed the largest bankruptcy in aviation history in December 2002, and hopes to emerge from court protection around the middle of this year.
UAL said its net loss for January, including $26 million in reorganization expenses, was $252 million. It ended the quarter with $2.2 billion in cash, of which $650 million was restricted for existing obligations.
The cash balance was down $131 million from December, the carrier said, adding that it met special bankruptcy financing requirements for the 12th consecutive month.
The change in the cash balance included a retroactive, $63 million quarterly wage payment to the International Association of Machinists. The airline reports the monthly statistics as a result of its Chapter 11 bankruptcy case.
"Our financial results show progress compared to January a year ago, and United continued to outpace our competitors in passenger unit revenue improvement, despite the seasonally weak demand across the industry, which we expect to continue in February as well," said Chief Financial Officer Jake Brace in a statement.
Mainline unit revenue, which represents the amount of revenue taken in per available seat mile, rose 8 percent year-over-year, United said, above the industry average.
A similar cost measure excluding special charges and fuel improved 14 percent, the company said.
OUCH!