UAL Reorganization Plan Confirmed
CHICAGO, IL, January 23, 2006. The U.S. Bankruptcy Court for the Northern District of Illinois has confirmed UAL Corporation's Plan of Reorganization, setting the stage for United to emerge from Chapter 11 in early February.
In confirming the plan, the court determined that it provided fair and equitable treatment of creditors and otherwise satisfied the requirements of the Bankruptcy Code. The company's creditors previously voted overwhelmingly in support of the plan. Further, the Creditors' Committee withdrew all objections to the Plan, an important accomplishment as the company concludes its very complex restructuring.
"The confirmation of our plan validates more than three years of work to make United a sustainable enterprise, ready to compete successfully with the strongest carriers," said Glenn Tilton, United's President, Chairman and CEO. "The tremendous work of our employees during the most difficult times is an indication of what we are capable of moving forward. We will build on our momentum as we continue to differentiate United in the marketplace and focus fully on our customers for a stronger future."
"Throughout this process, we worked with our stakeholders to consensually resolve issues and put forward a reorganization plan that maximizes the value of United for all, and that provides a solid foundation on which United can compete," said Jake Brace, Executive Vice President and Chief Financial Officer. "We appreciate the work of our Creditor's Committee and all our stakeholders for resolving issues cooperatively with us and now, with strong relationships in place, look forward to working with our business partners going forward for our mutual benefit."
Pursuant to the confirmed plan of reorganization, current UAL common stock, preferred stock and ToPRS will be canceled on the emergence date, and no distribution will be made to holders of those securities. The company said that creditor distributions would likely begin shortly after its emergence. As previously announced, United has secured $3 billion in exit financing to be provided by JPMorgan, Citigroup and GE Capital. Exit financing will be used by United to repay the Debtor-In-Possession (DIP) facility, to make other payments required upon exit from bankruptcy, and to ensure strong cash balances to conduct post-reorganization operations.
Both Standard & Poors and Moody's credit ratings agencies have given United's business better ratings than any other network carrier. On Wednesday, the company announced the composition of its Board of Directors that will begin service upon United's emergence from Chapter 11.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
