UAL MEC denies takeover bid
06-17-2005, 12:07 AM
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Da Man
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UAL MEC denies takeover bid
The UAL MEC Update for Wednesday, June 15, 2005.
Today's Update includes 5 items:
1. MEC Chairman Captain Mark Bathurst Issues Statement Regarding Crain's Article
2. Jumpseat Committee Updates List of CASS-Approved Cockpits
3. Hotel Committee Update
4. Elections For MEC Committees
5. Upcoming LEC Meetings
1. The June 13, 2005 issue of Crain's Chicago Business included an article entitled "Buyers are Eyeing UAL: Outside Equity Players Likely to Enter Picture." The article stated that the Creditors' Committee of United's bankruptcy case "clearly indicated that there are outside investors interested in taking a run" at United. The article went on to say: "A top official with a key United union confirmed late Friday that two investor groups had notified him in recent weeks that they are preparing competing reorganization plans for the airline." The "top official" is not connected to ALPA.
In response to the Crain's article and the growing speculation it has created, MEC Chairman Captain Mark Bathurst has issued the following statement:
"I am sure that many of you have read reports that equity firms or airline managers like Gerry Greenwald or Gordon Bethune may be interested in gaining control of United through the bankruptcy process. I am not aware of any serious plan for a change of ownership or management as the bankruptcy process comes to a close. Our professional advisors have confirmed that these media reports are speculation at this point and that there is no credible competing plan to take United out of bankruptcy.
"Your MEC is closely monitoring this situation through our ongoing work with the Company's restructuring team, our representation on the Board of Directors and our position on the Creditors' Committee. It is important to remember that the Bankruptcy Exit Agreement gives the pilot group substantial rights with respect to any change in ownership or management, including the right to terminate the entire agreement. We will vigilantly protect the long-term interests of this pilot group over the final few months of the bankruptcy, and we will not hesitate to exercise our rights to keep individuals and/or groups who would undoubtedly attempt to inflict further harm on this pilot group from gaining control of our airline."
Today's Update includes 5 items:
1. MEC Chairman Captain Mark Bathurst Issues Statement Regarding Crain's Article
2. Jumpseat Committee Updates List of CASS-Approved Cockpits
3. Hotel Committee Update
4. Elections For MEC Committees
5. Upcoming LEC Meetings
1. The June 13, 2005 issue of Crain's Chicago Business included an article entitled "Buyers are Eyeing UAL: Outside Equity Players Likely to Enter Picture." The article stated that the Creditors' Committee of United's bankruptcy case "clearly indicated that there are outside investors interested in taking a run" at United. The article went on to say: "A top official with a key United union confirmed late Friday that two investor groups had notified him in recent weeks that they are preparing competing reorganization plans for the airline." The "top official" is not connected to ALPA.
In response to the Crain's article and the growing speculation it has created, MEC Chairman Captain Mark Bathurst has issued the following statement:
"I am sure that many of you have read reports that equity firms or airline managers like Gerry Greenwald or Gordon Bethune may be interested in gaining control of United through the bankruptcy process. I am not aware of any serious plan for a change of ownership or management as the bankruptcy process comes to a close. Our professional advisors have confirmed that these media reports are speculation at this point and that there is no credible competing plan to take United out of bankruptcy.
"Your MEC is closely monitoring this situation through our ongoing work with the Company's restructuring team, our representation on the Board of Directors and our position on the Creditors' Committee. It is important to remember that the Bankruptcy Exit Agreement gives the pilot group substantial rights with respect to any change in ownership or management, including the right to terminate the entire agreement. We will vigilantly protect the long-term interests of this pilot group over the final few months of the bankruptcy, and we will not hesitate to exercise our rights to keep individuals and/or groups who would undoubtedly attempt to inflict further harm on this pilot group from gaining control of our airline."
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