United Airlines cagey on bailout hope
| • | Carriers get antitrust relief |
Associated Press
CHICAGO — United Airlines chief executive Glenn Tilton plans meetings this week with top union leaders to review their proposal to cut $5 billion from labor costs in an effort to keep the carrier out of bankruptcy.
In his weekly message to employees, Tilton still wasn't tipping his hand as to whether he thinks the unions' proposal for concessions — $4 billion short of what United's management had sought — will be enough.
"We are evaluating the proposal in the context of United's current industry conditions and the overall business plan for the company," Tilton said in the message taped Sunday night, four days after the unions submitted their joint plan.
Tilton also said United was "working hard" to update its application to the government for a $1.8 billion federal loan guarantee.
Spokesmen for both United and the unions did not know when talks would be held.
United, which hasn't made money for 2 1/2 years, faces more than $1 billion in debt payments between mid-November and early next year.
