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Saturday, August 21, 2004

Business digest


United Airlines parent wins filing extension

Wire reports

CHICAGO - United Airlines parent UAL Corp. got an extension through September to file its bankruptcy reorganization plan, after creditors threatened to join unions in objecting to moving the deadline to the end of this year.

U.S. Bankruptcy Judge Eugene Wedoff rejected union arguments that United didn't try hard enough to come up with an alternative that would continue company contributions to employee pension funds.

New SEC rules likely to increase filings

WASHINGTON - Make way for a flood of additional Securities and Exchange Commission filings.

That's the message from observers who expect new SEC rules taking effect Monday to more than double the number of regulatory filings known as Form 8-Ks.

These forms are used by companies to report material developments that occur between quarterly or annual corporate filings with the SEC. Companies already make about 80,000 8-K filings each year.

ATA flight crew union open to concessions

INDIANAPOLIS - A union representing 1,100 ATA Airlines flight crew members has agreed to discuss granting more concessions just days after the carrier warned it will run out of cash early next year.

Leaders of the Air Line Pilots Association unit approved a resolution Thursday authorizing further talks, the union said in a statement.

Dell founder sells $350 million in stock

WASHINGTON - Dell Inc. founder and former chief executive Michael S. Dell sold $350 million of company common stock this week, according to a Securities and Exchange Commission filing Friday.

From Wednesday to Friday, Dell sold 10 million shares for $34.71 to $35.19 each, according to the filing.

Dell stepped down as chief executive last month, ceding the post to Kevin Rollins. Dell remains chairman of the computer maker.

Charter One cuts jobs in advance of merger

CLEVELAND - Cleveland-based Charter One Financial Inc. has cut an undisclosed number of jobs leading up to a merger next week.

Charter One, which employs 8,400, including 2,500 in Cleveland, is being purchased by Citizens Financial Group, a unit of the Royal Bank of Scotland. Federal regulators approved the deal this week, and Charter One shareholders are expected to approve it Monday.

Thomas Hollister, the new chief executive of Charter One's Midwest region, declined to say how many jobs are being eliminated. Mayor Jane Campbell said he told her Thursday that about 100 people would lose their jobs in Cleveland.




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