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Subject: WORLD TRADE STOCKS

Author:
traderX

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Date Posted: 17:08:51 12/17/02 Tue

United Could Move to Void Union Contracts
Tue December 17, 2002
CHICAGO (Reuters) - UAL Corp. UAL.N , parent of United Airlines, said on Tuesday it intends to file a bankruptcy court motion to throw out its labor agreements as early as next week if unions do not agree to wage cuts.
UAL attorney Jamie Sprayregen told a U.S. bankruptcy judge on Tuesday that United plans to continue working with its unions to achieve wage cuts. But without them, he said, the carrier would file a motion under Section 1113 of Chapter 11 of the U.S. bankruptcy code on Dec. 26.

The filing, Sprayregen said, would be necessary to ensure the airline remains in compliance with the requirements of its debtor-in-possession (DIP) financing agreements.

The airline on Friday said it needs to cut annual labor costs by $2.4 billion in order to satisfy lenders' financing conditions, and the pilots union on Monday said it was "stunned" by the proposal.

United, the No. 2 U.S. airline based in Elk Grove Village, Illinois, filed the largest bankruptcy in aviation history last week. The company's shares closed down 23 cents, or more than 15 percent, at $1.27 on the New York Stock Exchange.

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