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Old 17th Oct 2001, 14:22
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RVR800
 
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Unhappy United Airlines may fail

"Before September 11 we were not in a comfortable financial state, with costs exceeding our revenue on a daily basis," Goodwin wrote. "Today, the situation is exacerbated with costs exceeding revenues at four times the pre-September 11 rate. Today, we are literally hemorrhaging money.

"Clearly this bleeding has to be stopped – and soon – or United will perish sometime next year."

Even with a $15 billion industry bailout, airline officials have speculated that bankruptcy was imminent for weaker carriers, although they did not name them.

"We're so far away from break-even that it's not even worth calculating," David Swierenga, chief economist at the Air Transport Association, said last month after the bailout had been approved.
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