Almost Outta Time And Outta Cash
CEO Tilton is behind the power curve. Too little too late. UAL is in a deep stall. Still losing $17+ Million per day.
Deptor In Possession requirements specify that between 01 Dec 2002 and 28 Jan 2003 UAL can lose no more than $964 Million Dollars. But during the entire month of December UAL (losing $22 Million per day) already had squandered $682 Million; so you don't need an abacus to do the math. The collective payroll savings, estimated at $76 Million per month fall far short of meeting the deadline. The only slim hope for continuing operations next month would be to make immediate asset and route sales, otherwise the banks will pull the plug.