okay so united airlines is out of bankruptcy and is going to trade on nasdaq tomorrow.
ive been watching ualaq.ob fall from $1 to $0.01 ... and they said its not going to be traded tomorrow and that it's going to be UAUA.
and then i find that there is also a UAUAV.pk ... with the current pps at $40.
so when UAUA on nasdaq gets traded tomorrow for the first time... will it be the 1 cent.. or the $40 ? .. what will happen to the ualaq.ob??
Posts: 42 | From: Los Angeles, California | Registered: Nov 2005
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As United has said for some time would likely be the case, pursuant to the confirmed POR, on the Effective Date, old UAL common stock and preferred stock and the Trust Originated Preferred Securities will be canceled and no distribution will be made to holders of those securities.
-------------------- A million seconds is 13 days. A billion seconds is 31 years. Posts: 4893 | From: Burbank IL USA | Registered: Feb 2004
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so all the $ that i have in ualaq will just be cancelled and i wont have anything left?
Posts: 42 | From: Los Angeles, California | Registered: Nov 2005
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UNITED AIRLINES: United exits bankruptcy as a strong competitor committed to continuous improvement 2/2/2006
New UAL Corporation shares to begin trading on NASDAQ on Feb. 2
CHICAGO, Feb 02, 2006 (M2 PRESSWIRE via COMTEX) -- UAL Corporation [NASDAQ: UAUA], the holding company whose primary subsidiary is United Airlines, formally exited bankruptcy today, following confirmation of the company's Plan of Reorganization by the United States Bankruptcy Court.
"Today, we have the business platform we need to compete with the strongest carriers and a clear strategy of offering the right service to the right customer at the right price," said Glenn Tilton, United's chairman, chief executive officer and president. "As we move ahead, United is committed to continuous improvement in costs, revenue and operations to optimize our resources and sustain competitive margins. We have achieved a great deal in our restructuring to reposition this company and build upon our assets, an unrivaled global network and our dedicated employees. We can be better. We are in a very competitive industry, and we take nothing for granted.""We wanted our ads to depict the life experiences of our frequent business travelers in a thoughtful and differentiated way," said Dennis Cary, United's senior vice president - Marketing. "The quality and uniqueness of Dragon's innovative animation technique helps us to achieve our goal of making that special connection with our most valued customers."
"Our approach is clearly working, as the numbers show," said Jake Brace, United's executive vice president and chief financial officer. "We have substantially improved our financial performance despite dramatic increases in fuel costs over the last 12 months. And United has one of the best operating records in the industry - in on-time departures, baggage handling, fewest customer complaints and other areas helping us to outpace the industry in unit revenue."
Over the past three years, United has, among other steps: reduced its average annual costs by approximately $7 billion; substantially deleveraged its balance sheet; strengthened its network while eliminating unprofitable services; reconfigured its fleet to optimize the use of its aircraft; significantly increased the productivity of all its assets; and introduced new or expanded services targeted to specific customer groups.
In particular, United increased its international capacity to leverage competitive strengths, including profitable international routes and its role in the Star Alliance, the largest and most successful global airline alliance. To further enhance its strong position with corporate and business travelers, United launched a new premium transcontinental service - p.s.SM - and significantly upgraded its regional jet service, United Express , to offer both first-class and extra-comfort Economy Plus services at a premium price. At the same time, it introduced a new low-fare service, TedSM, which is now competing successfully in many markets, while also acting as a feeder to United's mainline network.
UAL Corporation will begin to issue shares of common stock of the reorganized company on or about Wednesday, Feb. 1, 2006, the effective date of the Plan. Most shares will go to the company's former unsecured creditors. Trading of these shares, which will be listed on NASDAQ under the ticker symbol "UAUA," will begin on Feb. 2.
The old shares of common stock that have been trading over the counter under the symbol UALAQ.OB will be cancelled and will no longer trade after Feb. 1, 2006.
To mark the commencement of trading in the new shares on Feb. 2, Tilton will open trading on the NASDAQ remotely from O'Hare International Airport in Chicago, United's largest hub, and Pete McDonald, United's executive vice president and chief operating officer, is scheduled to close trading from San Francisco International Airport, United's gateway to the Pacific.
United has obtained exit financing on favorable terms through a syndication led by JPMorgan Chase and Citigroup Global Markets. The company received offers of subscription for more than twice the capital necessary to support the $3 billion in financing it sought, enabling it to reduce the financing cost by 75 basis points to 375 basis points over the London interbank offered rate (LIBOR). The exit financing consists of a $2.8 billion term loan and a $200 million revolving credit line.
About United
United Airlines 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. United's 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 here.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Certain statements included in this press release are forward-looking and thus reflect the Company's current expectations and beliefs with respect to certain current and future events and financial performance. Such forward-looking statements are and will be, as the case may be, subject to many risks and uncertainties relating to the operations and business environments of the Company that may cause actual results to differ materially from any future results expressed or implied in such forward-looking statements. Factors that could significantly affect net earnings, revenues, expenses, costs, load factor and capacity include, without limitation, the following: the Company's ability to comply with the terms of its senior secured revolving credit facility and term loan, as well as other financing arrangements; the costs and availability of financing; the Company's ability to execute its business plan; the Company's ability to attract, motivate and/or retain key employees; the Company's ability to attract and retain customers; demand for transportation in the markets in which the Company operates; general economic conditions (including interest rates, foreign currency exchange rates, crude oil prices and refining capacity in relevant markets); the effects of any hostilities or act of war or any terrorist attack; the ability of other air carriers with whom the Company has alliances or partnerships to provide the services contemplated by the respective arrangements with such carriers; the costs and availability of aircraft insurance; the costs of aviation fuel; our ability to cost effectively hedge against increases in the price of aviation fuel; the costs associated with security measures and practices; labor costs; competitive pressures on pricing (particularly from lower-cost competitors) and on demand; capacity decisions of our competitors; U.S. or foreign governmental legislation, and regulation and other actions; the ability of the Company to maintain satisfactory labor relations and any disruptions to operations due to any potential actions by our labor groups; weather conditions; and other risks and uncertainties set forth from time to time in UAL's reports to the United States Securities and Exchange Commission. Consequently, the forward-looking statements should not be regarded as representations or warranties by the Company that such matters will be realized. The Company disclaims any intent or obligation to update or revise any of the forward-looking statements, whether in response to new information, unforeseen events, changed circumstances or otherwise.
M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info*m2.com.
(C)1994-2006 M2 COMMUNICATIONS LTD
Posts: 725 | From: litte rock AR | Registered: Oct 2005
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The price is crazy and not worht it at all. I believe we will see this drop inthe weks to come to about 4-5.00 a share imo
Posts: 332 | Registered: Jun 2005
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