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UAL Formally Exits Bankruptcy

February 1, 2006 By: Susan Young Travel Agent

UAL Corporation, the holding company whose primary subsidiary is United Airlines, formally exited bankruptcy today, following confirmation of the company's plan of reorganization by the United States Bankruptcy Court. United had been in bankruptcy for several years, but over the past three years has reduced its average annual costs by approximately $7 billion, improved its balance sheet and revamped its route network to eliminate unprofitable service. It has also retooled its fleet structure. The company is also now issuing new stock.

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