The Dogfight for Control of United

Can beleaguered UAL Corp.'s United Airlines Inc. (UAL ) be saved from going out of business altogether? Ever since the carrier entered bankruptcy in December, CEO Glenn F. Tilton has been under attack by skeptics who say his recovery strategy isn't viable. As the airline burns through $10 million a day, United needs a new flight plan fast.

Now United's unions are taking matters into their own hands. BusinessWeek has learned that Tom Buffenbarger, president of the International Association of Machinists, and Paul Whiteford, head of the Air Line Pilots Assn. at United, have been talking to former United CEO Gerald Greenwald and other potential investors in a desperate attempt to get the bankruptcy judge to replace Tilton's team with a new crew. Labor is also talking to David Bonderman and his Texas Pacific Group, George Soros, Marvin Davis, the Blackstone Group, and several state pension funds. The unions' strategy: find a partner and go jointly to Judge Eugene R. Wedoff in the next few weeks with a competing workout plan, say union officials and potential investors. They're hoping that the judge, who has criticized UAL management for not having a workable recovery plan, will agree.