Airline posts loss of $75 million for November

Tuesday, Dec. 23, 2003 | 11:07 a.m.

CHICAGO -- United Airlines parent UAL Corp. reported a $75 million net loss for November, including some costs related to its Chapter 11 reorganization, and said it met the terms of its bankruptcy loans for the month.

Excluding $78 million in reorganization expenses and including $81 million received from the sale of a stake Hotwire, a travel-reservation Web site, UAL earned $3 million, said spokeswoman Jean Medina. Chicago-based UAL is required to file monthly reports as part of the bankruptcy proceedings.

United's cash balance rose to $2.6 billion at the end of last month, up from $2.5 billion at the end of October, the company said. The carrier has reduced employee pay and benefits, renegotiated most of its commuter contracts and some aircraft leases to trim costs and debt in the reorganization.

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