Judge Rejects Union’s Claims Against United
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A Bankruptcy Court judge refused to block United Airlines’ interim financing plan, rejecting union arguments that United didn’t try hard enough to come up with an alternative plan that would continue company contributions to pension funds.
The hearing came a day after the release of court papers in which United warned it probably would have to terminate those pension funds to secure the loans it needed to get out of bankruptcy protection.
U.S. Bankruptcy Court Judge Eugene Wedoff approved United’s amended financing plan, which gives United an additional $500 million and allows the airline an additional six months to pay it off, through June 2005.
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