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Essay / Research Paper Abstract
5 pages. United Airlines' filing of bankruptcy has created a ripple effect, not only concerning the airlines itself but of the entire business world and consumer base also. The difference between Chapter 7 and Chapter 11 bankruptcy is explained in this paper as well as why United chose to go the way they did. Bibliography lists 4 sources.
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5 pages (~225 words per page)
File: D0_JGAunair.rtf
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Unformatted sample text from the term paper:
7 and Chapter 11 bankruptcy is explained in this paper as well as why United chose to go the way they did. UNITED AIRLINES United Airlines filing of Chapter
11 bankruptcy came as a surprise to very few people. Most saw it coming a long time ago. While Chapter 7 bankruptcy is actually "liquidation, i.e., the sale
of a debtors nonexempt property and the distribution of the proceeds to creditors", Chapter 11 bankruptcy is "A reorganization bankruptcy, usually involving a corporation or partnership. A chapter 11
debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11" (Bankruptcy,
2002, PG). There is a good side to the filing of bankruptcy by one of the nations largest airlines, and that is the fact that with this bankruptcy, it is
hoped that once again the customer is king - and it has been very long since that has been the truth. For a long time the entire airlines industry
has been run by "longtime rulers of the skies: the pilots, mechanics, and other overpaid workers who reversed the normal economic formula by imposing exorbitant fares on battered road warriors"
(Tully, 2002, 42). Because the airlines have continued to raise the ticket prices in order to be able to better afford the money for the over-priced salaries that are
paid to airline employees it has become difficult for consumers to be able to fly on a consistent basis. "Surprisingly, its United Airlines bankruptcy, funereal as it may sound, that
promises to put the customer in the cockpit. The Chapter 11 filing will give United immense sway over its unions. It could unleash a pattern of industrywide pay reductions that
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