UAL Corp., United Airlines' holding company, said Tuesday its stock will trade on the Nasdaq Stock Market when the company comes out of bankruptcy next week.
The ticker symbol will be UAUA.
UAL has said since entering Chapter 11 bankruptcy in December 2002 that its current shares would lose almost all their value under its reorganization plan, which was given final approval by a federal bankruptcy court last Friday. Those shares fell 4 cents to 23 cents in over-the-counter trading Tuesday.
Under the reorganization plan, UAL will begin issuing as many as 125 million shares of its new common stock as soon as Feb. 1. Most shares will go to the company's former unsecured creditors, with 8 percent going to 400 managers of the nation's No. 2 airline.
Separately, the company said its exit plan has received an extremely positive reception in the capital markets. It said it has received offers of subscription for more than twice the capital necessary to support its $3 billion in exit financing, which consists of a $2.8 billion loan and a $200 million revolving credit line.
"United has made fundamental and sustainable improvements in our operations, cost structure and revenue strategy," said Glenn Tilton, chairman, president and chief executive.
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