Airlines
Chicago-based airline employees and retirees have filed complaints against United Airlines' management, alleging breach of fiduciary duty under the Employee Retirement Income Security Act (ERISA). The complaint was filed in federal courts in Illinois and New Jersey, claiming that executives breached their duty to provide payments to employee pension
Airlines
United Airlines' decision to stop paying into its pension plans has sent shockwaves through the airline industry, retirees, and the federal agency that insures private pension plans. The airline's lawyer announced in a bankruptcy court that it won't make any more pension payments to conserve
Airlines
United Airlines has secured an additional $500 million in bankruptcy financing, the company announced in a major development for its financial stability. The airline has been in bankruptcy since September 2002 and was forced to seek new financing after its request for over $1 billion in loan guarantees was denied
Airlines
United Airlines is close to securing an additional $500 million in financing to support its bankruptcy proceedings, according to two sources. The deal would extend the maturity date of the debtor-in-possession financing to June 30, 2005, from the end of this year. This additional financing would allow the airline to
Airlines
Bank of America Corp. is purchasing National Processing Inc. (NPC) for $1.4 billion, but a crucial chargeback liability exposure worth $800 million at the end of the first quarter will be left out of the deal. The chargeback risk, associated with NPC's client United Air Lines, will
Airlines
As the US airline industry continues to grapple with rising fuel costs, consolidation, and intense competition, low-cost carriers like JetBlue Airways Corporation and Southwest Airlines are reaping the benefits of undercutting their major counterparts on airfare. According to Michael Miller, partner at Aviation Consulting firm Velocity Group, the recent round
Airlines
State-owned airline Aer Lingus's plans for a management buy-out have been temporarily put on hold after Taoiseach Bertie Ahern announced that the Government will not respond to the proposal until a review committee has completed its work. Ahern's decision has been welcomed by Aer Lingus'
Airlines
Aer Lingus' chief executive, Mr Willie Walsh, is pursuing a highly opportunistic bid to take the airline private, according to informed political sources. This move will force the Government's hand in deciding on the airline's future, which may involve selling its shares or taking an
Airlines
American investors seeking opportunities abroad often overlook their northern neighbor, but Canada's business side is just as enticing as its maple syrup. From luxury hotels to ski resorts, Canadian companies like Fairmont Hotels and Infrawest have established a strong presence in North America. With a country that is
Airlines
The tech sector is experiencing a slowdown, with several major companies announcing significant layoffs and restructuring efforts in response to declining consumer demand. AT&T, the largest telecommunications company in the US, has begun cutting ties with marketing firms, while Nortel, another major telecom equipment manufacturer, has partnered with
Airlines
United Airlines has finalised terms for a revised loan application, agreeing to scale back its request from $1.6bn to $1.1bn, seek $500m in private equity, and adopt a new round of cost-cutting measures. The airline has also agreed to maintain a minimum cash balance of $1.5bn and
Airlines
Executives from United Airlines returned to Washington, seeking a third chance at a government loan guarantee, but face significant hurdles after the Airline Transportation Stabilisation Board voted to reject their application. The company's CEO, Glenn Tilton, and Finance Director, Jake Brace, met with Treasury officials amidst confusion over
