HOLY CRAP
UAL Shares Lose Almost All Value on Incorrect Bankruptcy Report
By Mary Schlangenstein
Sept. 8 (Bloomberg) -- United Airlines parent UAL Corp. lost almost all its market value after an erroneous report that the company had filed for bankruptcy.
Jean Medina, a spokeswoman for the Chicago-based carrier, said in a telephone interview that the report was incorrect. UAL fell to 1 cent, down $12.29, at 11:07 a.m. New York time in Nasdaq Stock Market composite trading. Trading in UAL's shares was halted.
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United Airlines Issues Statement
CHICAGO, Sept. 8 /PRNewswire-FirstCall/ -- United Airlines today said reports that the company filed for bankruptcy are completely untrue and were caused by the irresponsible posting of a 6-year-old Chicago Tribune article by the Florida Sun Sentinel newspaper website with the date changed. The story was related to United's 2002 bankruptcy filing, and United has demanded a retraction from the Sun Sentinel and is launching an investigation. United exited bankruptcy in February 2006.
United continues to execute its previously announced business plan to successfully navigate through an environment marked by volatile fuel prices and continues to have strong liquidity.