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U.S. markets recover from steep losses
CHICAGO, Jan. 20 (UPI) -- A U.S. bankruptcy judge Friday approved a reorganization plan that lets United Airlines end three years of bankruptcy early next month.
Since Dec. 9, 2002, the Elk Grove Village, Ill.-based legacy carrier has cut yearly expenses by $7 billion, laid off 25,000 people, ended its defined-benefit pension plans and disposed of 100 planes.
Today United has 57,000 employees and 3,400 daily flights.
"The confirmation of our plan validates more than three years of work to make United a sustainable enterprise, ready to compete successfully with the strongest carriers," Glenn Tilton, United's chief executive, said after Judge Eugene Wedoff signed off on the reorganization plan.
Wedoff's approval creates an incentive plan to reward top executives and managers.
The compensation plan sets aside 10 million shares of stock in the reorganized carrier for 400 managers, giving the airline's top eight executives some $45 million in equity.
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