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CNN Live At Daybreak
United Airlines Struggling
Aired November 22, 2002 - 06:40 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: We've been telling you about the winning streak on Wall Street, but strong markets are not. One major U.S. company is really fighting for its life and now throwing a new strategy into the mix.
Here's Mary Snow live from New York.
Good morning, tell us about it.
MARY SNOW, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Yes, you know for weeks we've been hearing about how United Airlines has been working with its unions, making cutbacks, doing whatever it can to get the government to back an almost $2 billion loan. This in order to keep the airline from filing for Chapter 11 bankruptcy.
Well now the airline is looking to get a sympathy vote from the folks in Washington. United has delivered 42,000 letters to regulators yesterday, and those letters from United employees, suppliers, even ordinary customers. They plead with the government to keep the airline alive. And you know time is of the essence, United has a debt payment due in early December; and it's estimated that it's burning through about $7 million in cash each day -- Carol.
CHAD MYERS, CNN METEOROLOGIST: Wow!
COSTELLO: That's a lot of money.
SNOW: Certainly is.
COSTELLO: You're going to tell us about a scam too, this one involving ground zero.
SNOW: Yes, and you know this goes under the category of seeming that the crooks out there never seem to miss an opportunity. The Manhattan district attorney's office is now charging two men with bilking mostly elderly investors out of a million-and-a-half dollars. Prosecutors say they were telling their victims that they were investing in cleanup and rebuilding projects at the site of the destroyed World Trade Center. They say the scam is a slap in the face to everyone who suffered from the attacks of September 11, and there is no yet -- no comment yet from the defendants' lawyers -- Carol.
COSTELLO: Just awful.
Mary Snow, thanks. We appreciate it.
SNOW: OK.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired November 22, 2002 - 06:40 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: We've been telling you about the winning streak on Wall Street, but strong markets are not. One major U.S. company is really fighting for its life and now throwing a new strategy into the mix.
Here's Mary Snow live from New York.
Good morning, tell us about it.
MARY SNOW, CNN FINANCIAL NEWS CORRESPONDENT: Good morning, Carol.
Yes, you know for weeks we've been hearing about how United Airlines has been working with its unions, making cutbacks, doing whatever it can to get the government to back an almost $2 billion loan. This in order to keep the airline from filing for Chapter 11 bankruptcy.
Well now the airline is looking to get a sympathy vote from the folks in Washington. United has delivered 42,000 letters to regulators yesterday, and those letters from United employees, suppliers, even ordinary customers. They plead with the government to keep the airline alive. And you know time is of the essence, United has a debt payment due in early December; and it's estimated that it's burning through about $7 million in cash each day -- Carol.
CHAD MYERS, CNN METEOROLOGIST: Wow!
COSTELLO: That's a lot of money.
SNOW: Certainly is.
COSTELLO: You're going to tell us about a scam too, this one involving ground zero.
SNOW: Yes, and you know this goes under the category of seeming that the crooks out there never seem to miss an opportunity. The Manhattan district attorney's office is now charging two men with bilking mostly elderly investors out of a million-and-a-half dollars. Prosecutors say they were telling their victims that they were investing in cleanup and rebuilding projects at the site of the destroyed World Trade Center. They say the scam is a slap in the face to everyone who suffered from the attacks of September 11, and there is no yet -- no comment yet from the defendants' lawyers -- Carol.
COSTELLO: Just awful.
Mary Snow, thanks. We appreciate it.
SNOW: OK.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
