UAL Corporation the holding company whose primary subsidiary is United Airlines, announced that…
UAL Corporation the holding company whose primary subsidiary is United Airlines, announced that all the classes of creditors voting on its Plan of Reorganization have accepted the Plan.
“We are pleased to have received this support for our Plan from our creditors. These results validate our efforts to develop an exit plan that is in the best interests of all of our stakeholders and maintains our strong momentum toward emerging from Chapter 11 in February,” said Glenn Tilton, United’s Chairman, CEO and President.
Poorman-Douglas, the claims and solicitation agent in UAL’s Chapter 11 case, tabulated the results of voting on the Plan and filed a voting report with the U.S. Bankruptcy Court for the Northern District of Illinois confirming that UAL received more than a sufficient number of accepting votes based on the Plan’s consolidated class structure. By law, 50 percent of those creditors voting in a class, representing at least 66.67 percent of dollar amount voting in that class, must vote in favor of a plan for that class to be considered an accepting class. The Court has scheduled a confirmation hearing on United’s Plan on January 18, 2006.
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