UAL Corp., Elk Grove Township, Ill., included $584 million in reorganization expenses in its October operating report, filed today with the U.S. Bankruptcy Court in Chicago. The expenses were "driven by charges related to the termination of the pilot defined benefit pension plan," according to a news release. The charges contributed to the United Airlines Inc. parent's $698 million net loss for the month.
"Our restructuring work has been effective and has equipped the company to manage through the challenges the industry presents," United CFO Jake Brace said in the release. The company is moving "steadily toward a February exit from bankruptcy," he added.