Bankruptcy judge blocks repossession of 14 United Airlines jets

[JURIST] Federal bankruptcy court judge Eugene Wedoff issued a temporary restraining order Friday blocking creditors from repossessing 14 jets owned by financially troubled United Airlines, who filed for bankruptcy in December 2002. The protection of the eight Boeing 767s and six 737s will save the airline tens of millions of dollars. The creditors, represented by Chicago-based law firm Chapman and Cutler LLP, had threatened a Dec. 1 seizure due to a legal dispute regarding the leases of the jets. United argues that the financiers, who control one-third of the fleet, violated antitrust laws when they negotiated the aircraft leases as single entity in a scheme to increase lease rates. AP has more.



 

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