UAL posts massive loss on accounting charges, to cut 5,500 f


United Airlines parent UAL Corp. reported a second-quarter net loss of $2.7 billion mostly attributable to $2.6 billion in previously announced accounting charges, reversed from a $274 million profit in the year-ago period, and said it will slash 5,500 frontline workers by the end of 2009 in addition to the 1,400-1,600 salaried and management employees and contractors it already planned to cut.

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