UAL Posts Net Loss for July, Meets Loan Terms
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UAL Corp. posted a July net loss of $113 million, mainly because of bankruptcy reorganization costs. It also said it met loan terms for a sixth straight month.
The parent of United Airlines, which filed for Chapter 11 protection from creditors in December, said it expected to fulfill the loan terms again this month. UAL reported July earnings from operations of $35 million, a “significant turnaround” from a year earlier, as revenue for each seat per mile flown rose 10%.
Excluding reorganization expenses of $105 million, the majority of which was a non-cash cost for eliminating some planes, the loss would have been $7 million, UAL said. Total non-operating expenses were $148 million, the company said.
UAL shares rose 11 cents to 73.5 cents in over-the-counter trading.
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