UAL Creditors Vote to Accept Plan of Reorganizationtitle
Confirmation Hearing to Begin January 18
CHICAGO, Dec. 30 /PRNewswire-FirstCall/ -- UAL Corporation (OTC Bulletin
Board: UALAQ), the holding company whose primary subsidiary is United
Airlines, today announced that all the classes of creditors voting on its Plan
of Reorganization have accepted the Plan.
"We are pleased to have received this support for our Plan from our
creditors. These results validate our efforts to develop an exit plan that is
in the best interests of all of our stakeholders and maintains our strong
momentum toward emerging from Chapter 11 in February," said Glenn Tilton,
Uniteds Chairman, CEO and President.
Below is a chart setting forth the voting creditor classes based on the
Plans consolidated class structure -- consisting of creditors entitled to
vote on the Plan and whose Ballots were counted in accordance with the
procedures approved by the Bankruptcy Court (including creditors whose claims
were not subject to a pending objection as to allowance). "Numerosity" refers
to the number of creditors voting; "accepting dollar" refers to the dollar
value of the voting creditors claims.
UAL Plan Classes Plan Accepted/ Accepting Accepting
Rejected Numerosity % Dollar %
Class 1 D
Unsecured Convenience Class Claims Accepted 100% 100%
Class 1E-1
Unsecured Retained Aircraft Claims No Vote(1) No Vote No Vote
Class 1E-2
Unsecured Rejected Aircraft Claims Accepted 100% 100%
Class 1E-3
Other Unsecured Claims Accepted 81.989% 79.455%
(1) Ballots were distributed to 20 eligible voting creditors in this
class, however, no Ballots were returned.
Consolidated United Debtors
Plan Classes Plan Accepted/ Accepting Accepting
Rejected Numerosity % Dollar %
Classes 2D-1, 3D - 28D
Unsecured Convenience Class Claims Accepted 88.347% 90.470%
Class 2D-2
Unsecured Retiree Convenience
Class Claims Accepted 95.167% 92.364%
Classes 2E-1 and 3E-1
Unsecured Retained Aircraft Claims Accepted 98.889% 99.504%
Classes 2E-2 and 3E-2
Unsecured Rejected Aircraft Claims Accepted 64.286% 83.824%
Class 2E-3
Unsecured PBGC Claim Accepted 100% 100%
Class 2E-4
Unsecured Chicago Municipal Bond
Claims Accepted 99.655% 99.972%
Class 2E-5
Unsecured Public Debt Aircraft
Claims Accepted 100% 100%
Classes 2E-6, 3E-3, 4E-28E
Other Unsecured Claims Accepted 69.102% 85.784%
Poorman-Douglas, the claims and solicitation agent in UALs Chapter 11
case, tabulated the results of voting on the Plan and filed a voting report
with the U.S. Bankruptcy Court for the Northern District of Illinois
confirming that UAL received more than a sufficient number of accepting votes
based on the Plans consolidated class structure. By law, 50 percent of those
creditors voting in a class, representing at least 66.67 percent of dollar
amount voting in that class, must vote in favor of a plan for that class to be
considered an accepting class.
The Court has scheduled a confirmation hearing on Uniteds Plan on January
18, 2006.
About United
United Airlines (OTC Bulletin Board: UALAQ) operates more than 3,400
flights a day on United, United Express and Ted to more than 200 U.S. domestic
and international destinations from its hubs in Los Angeles, San Francisco,
Denver, Chicago and Washington, D.C. With key global air rights in the |Asia-
Pacific region, Europe and Latin America, United is one of the largest
international carriers based in the United States. United is also a founding
member of Star Alliance, which provides connections for our customers to 790
destinations in 138 countries worldwide. Uniteds 57,000 employees reside in
every U.S. state and in many countries around the world. News releases and
other information about United can be found at the companys Web site at
http://united.com .
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