UAL Corp. reaches agreement with creditors committee

UAL Corp. reaches agreement with creditors committee    UAL Corp. parent company of United Airlines, said Wednesday it has reached a consensual agreement with the Official Committee of Unsecured Creditors, resolving all of the issues between the two parties, including the OCUC’s objections to United’s plan of reorganization (POR).
   Other issues resolved in the agreement are those relating to the proposed Management Equity Incentive Plan, the amount of the claim by the Pension Benefit Guarantee Corp., stock and note distributions for salaried and management employees, and certain corporate governance matters.
   The final agreement will be included in an amended POR, to be filed with the U.S. Bankruptcy Court in the Northern District of Illinois ahead of the POR confirmation hearing by Jan. 18. United is expected to exit from bankruptcy on or about Feb. 1.
   “Being able to reach a global, consensual agreement with the creditor’s committee prior to confirmation is the goal in any restructuring, and is an enormous accomplishment. Today’s agreement with the creditors’ committee, which represents the new owners of United, is a major step forward in concluding our restructuring, and continues our strong momentum going into next week’s POR confirmation hearing,” said Jake Brace, chief financial officer and executive vice president.
   “We’re very pleased to have worked closely with United management and to have reached an agreement that brings our issues to an end, to the benefit of creditors and company alike,” said Dana Lockhart, chair of the OCUC and CFO, Airbus of North America. “This has been an extraordinarily complicated restructuring, and we look forward to United’s successful exit from bankruptcy as the vital competitor it is.”