United Workers Finally Win Out
It took them seven years and five tries, but employees of United Airlines finally own the airline. On July 12, UAL shareholders approved a $4.8 billion buyout that gives 55% of the company to workers in exchange for wage concessions. Despite grousing by shareholders, the deal received 70% of the votes. Newly installed Chairman Gerald Greenwald, a former Chrysler executive, let it be known that United's new short-haul airline will be called, simply enough, United Shuttle.