UAL Corporation is the former name of United Airlines Holdings, an airline holding company, incorporated in Delaware with headquarters in Chicago, Illinois.
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15 Facts About UAL Corporation
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UAL Corporation would acquire Continental Airlines, Inc and change its name to United Continental Holdings.
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UAL Corporation's United Airlines, Inc held several key air rights, including one of the two American carriers authorized to serve Asia from Tokyo-Narita.
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UAL Corporation, Inc was the creation of then United Airlines president George Keck, who formed the holding company to allow United to diversify.
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Between 1970 and 1988 UAL Corporation, Inc acquired the Westin and Hilton hotel chains and the Hertz car rental company, as well as a regional airline, a reservations network, and several leasing and insurance companies.
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On May 26,1988, Allegis changed its name to UAL Corporation, with United Airlines, Inc as its sole major subsidiary.
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UAL Corporation was able to stabilize its finances, which had been weakened by the recession earlier in the decade and the divestiture of Allegis' profitable assets.
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UAL Corporation quickly received debtor-in-possession financing to allow it to continue "business as usual" while it reorganized its debt, capital and cost structures.
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The year ended with UAL Corporation seeking immediate voluntary wage reductions from all employee groups or permission from the bankruptcy court to impose those reductions in order to meet the strict covenants established by the DIP lenders.
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On December 8,2009, UAL Corporation announced an order for 25 Airbus A350 and 25 Boeing 787 aircraft, with purchase rights for 50 more of each.
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UAL Corporation turned a profit in 2007, but the fuel crisis in the summer 2008, when crude oil briefly reached $147 a barrel, pushed the company into losses.
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Tilton stated that a larger market-share and a more diverse route network was the way for UAL Corporation to reach sustained profitability, though many, including UAL Corporation's unions groups, strongly disagreed.
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In early 2008 UAL Corporation held merger talks with American airline operator Continental Airlines, Inc The deal was called off after problems in the credit markets, as well as weak support from labor groups, prevented the merger.
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UAL Corporation's United then decided to form an alliance with Continental.
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