UAL Corp. reports $274 million net loss in July
UAL Corp., parent company of United Airlines, reported a net loss of $274 million in July, including $350 million of reorganization expenses.
In its monthly report to the U.S. bankruptcy court, UAL reported an operating profit of $113 million, more than double its operating profit of $51 million in the same month last year. UAL said it ended the month with a cash balance of $2.8 billion, which includes $923 million in restricted cash.
UAL said fuel expense for the month was $127 million higher than July last year on 5 percent lower capacity.
“We have received updated proposals for all-debt exit financing from four financial institutions and we expect to file our Plan of Reorganization and Disclosure Statement with the Bankruptcy Court very soon,' said Jake Brace, UAL’s executive vice president and chief financial officer.