Airlines
Bankruptcy filings by two major US airlines, Delta Air Lines Inc. and ATA Holdings Corp., could jeopardize $4 billion in sales for Boeing Co. The airlines' financial struggles have led them to question whether they can continue operating outside of Chapter 11 bankruptcy protection, which would allow them to
Airlines
As the world's second-largest carrier grapples with soaring jet fuel prices, United Airlines has turned to SolArc Inc.'s fuel supply management system, SolArc RightAngle, to better manage its fuel procurement and supply chain operations. This new system will enable United to streamline its fuel inventory management,
Airlines
Chicago has been in the spotlight for several significant business developments in the past week. First Health Group Corp. agreed to be acquired by rival Coventry Health Care for $1.8 billion in cash and stock. Meanwhile, three major Chicago business groups claim that the 7% property tax assessment cap
Airlines
As the United States economic landscape continues to shift, companies based in and around Chicago are adapting to a new reality. United Airlines, seeking to return to profitability after four consecutive years of losses, plans to adjust its capacity in the coming months. Meanwhile, industrial and commercial sectors are experiencing
Airlines
United Airlines has recently announced a new business strategy that marks a significant shift in its approach to the market. After two years of struggling in bankruptcy, the company is recognizing the realities of the airline market and is moving towards a more sustainable business model. United is focusing on
Airlines
The Pension Benefit Guaranty Corporation (PBGC), the federal entity that insures the nation's pension funds, is warning that it will report a significantly widened deficit in the coming weeks. The PBGC executive director, Bradley D. Belt, testified before the Senate Commerce Committee that the long-term solvency of the
Airlines
The ongoing negotiations between United Airlines and its unions are likely to result in the termination of all pension plans, which would be the biggest pension default in history. This move would put additional pressure on the Pension Benefit Guaranty Corporation (PBGC), already facing a $9 billion shortfall, and potentially
Airlines
Tornado jet fighters were deployed to escort an Olympic Airways flight from Athens to New York's JFK airport yesterday after receiving anonymous bomb threats, highlighting the heightened security measures in place to protect passenger aircraft. The 301 passengers and crew on board were safely evacuated and taken to
Airlines
A controversy erupted after a singer, former Cat Stevens now known as Yusuf Islam, was allowed to board a London-to-Washington flight despite his name being on a terrorism watch list. The US Department of Homeland Security and United Airlines traded blame over the incident, with the government stating that United
Airlines
State Farm Insurance has filed a proposal to cut homeowners insurance rates in Illinois by 3.7%, effective September 15 for new business and November 1 for policy renewals. This move comes after raising rates 7% last year and 17% in 2002, and follows a 0.9% cut in auto
Airlines
As the Pension Benefit Guaranty Corporation (PBGC) struggles to keep up with skyrocketing pension obligations, the agency's financial situation has become increasingly dire, with some estimates suggesting it may go bankrupt by 2020. The PBGC provides insurance for corporate pension funds, covering some of the costs when companies
Airlines
Government officials are sounding the alarm about the collapse of two major airlines' pension plans, citing the billions of dollars in unpaid obligations as a threat to taxpayer-funded pension insurance. The federal Pension Benefit Guaranty Corp. is facing a $9.7 billion deficit, and experts warn that it could
