08-12-2002, 07:57 PM
Join Date: Sep 2001
Bankruptcy fears heighten at United after US Airways filing
Bankruptcy fears heighten at United after US Airways filing; stock sinks
Concern about United Airlines' shaky financial state intensified Monday in the wake of US Airways' bankruptcy protection filing, sending shares in United's parent company plummeting again. |
Investor jitters that United may be the next carrier forced into bankruptcy prompted UAL Corp. stock to fall 81 cents, or 15.6 percent, to dlrs 4.39 a share in midday trading on the New York Stock Exchange ( news - web sites) after falling as much as 28 percent.
Other major airline stocks also took a hit, but none was battered as much as UAL, which already had lost more than half its value since the start of July and traded at dlrs 35 a share a year ago.
CEO Jack Creighton, who pledged after taking the top job last year not to preside over a bankruptcy, and other United officials have declined to discuss the prospects of a Chapter 11 filing.