There is more bad news for United Airlines. While its stock tumbled, CEO Glenn Tilton told employees a chapter eleven bankruptcy filing is becoming more likely.
Tilton's recorded message to the airline's 83-thousand workers says chapter eleven is a more likely outcome because it will allow the airline to restructure and to continue operating. Shares in United parent UAL Corporation fell seven cents to close at 93 cents each on the New York Stock Exchange today. The UAL Board of Directors meets tomorrow.