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WASHINGTON, Sept. 27 (UPI) -- Republican U.S. Sen. Peter Fitzgerald wants the federal agency that insures pension funds to take its time before approving any default by United Airlines.
United has said it may end its four employee pension funds to improve its cash flow before seeking exit financing from Chapter 11 bankruptcy. The world's second-largest airline filed for bankruptcy 21 months ago. It stopped making pension fund contributions in July.
Fitzgerald, from Illinois, says taxpayers and the Pension Benefit Guarantee Corp. could be stuck with a record $6.4 billion pension fund bailout if United is allowed to end its defined-benefit plans. He also notes United remains committed to expanding Chicago's O'Hare International Airport despite its financial woes.
"It's perplexing how United can, in effect, divert money from its employee pension plans into a humongous capital improvement project," Fitzgerald wrote to the PBGC. Fitzgerald opposes the proposed $2.9 billion O'Hare expansion.
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