Bankruptcy court confirms UAL Corp.’s reorganization plan
The U.S. Bankruptcy Court for the Northern District of Illinois confirmed UAL Corp.’s reorganization plan, allowing United Airlines to emerge from Chapter 11 in early February.
The court’s decision follows recent reorganization plan approvals from United’s creditors and a secured $3 billion bankruptcy exit loan with JPMorgan and Citigroup.
“Throughout this process, we worked with our stakeholders to consensually resolve issues and put forward a reorganization plan that maximizes the value of United for all, and that provides a solid foundation on which United can compete,” said Jake Brace, executive vice president and chief financial officer.