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United Airlines parent UAL Corp. narrowed its net loss in February to $259 million from $367 million in the year-ago period by cutting costs in its Chapter 11 bankruptcy proceedings.
The Elk Grove Township-based company, which must file monthly financial reports with the bankruptcy court in Chicago, said it cut its loss from operations to $112 million from $307 million. UAL is attempting to cut costs by $5 billion annually, including $2.56 billion in reduced employees expense.
The net loss included $119 million in costs for the bankruptcy reorganization, UAL said. February’s financial performance met terms of the firm’s bankruptcy loans. The company didn’t provide revenue figures.
