【案例名称】UAL, 2004: Pulling Out of Bankruptcy

【作者】Daniel B. Bergstresser, Kenneth A. Froot, Darren R. Smart

【页数】24

【格式】PDF

【语言】英语

【出版日期】2005年2月22日

【修订日起】2006年6月20日

【学科】金融 (Finance)

【案例编号】205090-PDF-ENG

【来源】Harvard Business School

【网页】http://cb.hbsp.harvard.edu/cb/product/205090-PDF-ENG

【简介】

UAL is a large air transportation company with roots that go back to the 1920s. As a legacy carrier, going back to before the 1978 deregulation of air transportation markets, United Airlines is burdened with cost structures that make it difficult to compete with newer competitors. In addition, UAL has the burden of $7.6 billion in unfunded pension obligations and $2 billion in unfunded retiree health obligations. In June 2004, UAL is still operating under Chapter 11 bankruptcy protection, which began December 2002. It has needed extensions of the exclusivity period from the bankruptcy court. UAL's plan of reorganization is predicated on receiving $1.8 billion in loan guarantees from the Air Transport Stabilization Board (ATSB). But its request for loan guarantees from the ATSB was recently rejected. The company must decide what to do next and how to emerge from bankruptcy.

【学习目标】

To examine the costs of financial distress and to explore the interaction of agency problems and leverage.

【涉及课题】

Bankruptcy; Compensation; Costs; Loans; Reorganization

【背景】

Geographic: United States
Industry: Airlines
Company Employee Count: 63,000
Company Revenue: $14 billion revenues
Event Year Begin: 2002
Event Year End: 2004

【下载】

http://www.mbabbs.com/thread-1527-1-1.html