UAL Chief Financial Officer Jake Brace speaks to reporters about United Airlines and the current state of the industry at the Reuters Aerospace and Defense Summit in Washington December 3, 2007. REUTERS/Mike Theiler (UNITED STATES)

UAL Chief Financial Officer Jake Brace speaks to reporters about United Airlines and the current state of the industry at the Reuters Aerospace and Defense Summit in Washington December 3, 2007. REUTERS/Mike Theiler (UNITED STATES)

UAL Chief Financial Officer Jake Brace speaks to reporters about United Airlines and the current state of the industry at the Reuters Aerospace and Defense Summit in Washington December 3, 2007. REUTERS/Mike Theiler (UNITED STATES)

United Airlines Chief Financial Officer Jake Brace leaves federal court in Chicago, January 20, 2006. A U.S. judge approved a reorganization plan for United Airlines on Friday, enabling the carrier to end a three-year tenure in bankruptcy on Feb. 1. Judge Eugene Wedoff, as expected, signed off on UAL Corp.'s business plan, which features a controversial equity compensation package for managers of the No. 2 U.S. airline. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago, January 20, 2006. A U.S. judge approved a reorganization plan for United Airlines on Friday, enabling the carrier to end a three-year tenure in bankruptcy on Feb. 1. Judge Eugene Wedoff, as expected, signed off on UAL Corp.'s business plan, which features a controversial equity compensation package for managers of the No. 2 U.S. airline. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace smiles while he speaks with the media as he leaves federal court in Chicago, January 20, 2006. A U.S. judge approved a reorganization plan for United Airlines on Friday, enabling the carrier to end a three-year tenure in bankruptcy on Feb. 1. Judge Eugene Wedoff, as expected, signed off on UAL Corp.'s business plan, which features a controversial equity compensation package for managers of the No. 2 U.S. Airline. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks as he leaves federal court in Chicago January 20, 2006. A U.S. judge approved a reorganization plan for United Airlines on Friday, enabling the carrier to end a three-year tenure in bankruptcy on Feb. 1. Judge Eugene Wedoff, as expected, signed off on UAL Corp.'s business plan, which features a controversial equity compensation package for managers of the No. 2 U.S. airline. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago, January 20, 2006. A U.S. judge approved a reorganization plan for United Airlines on Friday, enabling the carrier to end a three-year tenure in bankruptcy on Feb. 1. Judge Eugene Wedoff, as expected, signed off on UAL Corp.'s business plan, which features a controversial equity compensation package for managers of the No. 2 U.S. airline. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago. United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago, May 31, 2005. United Airlines and its machinists' union announced an agreement in principle on a contract May 31, narrowly heading off the need for a bankruptcy judge's ruling that could have triggered a strike. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago. United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago, May 31, 2005. United Airlines and its machinists' union announced an agreement in principle on a contract May 31, narrowly heading off the need for a bankruptcy judge's ruling that could have triggered a strike. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace and spokesperson Jean Mediana leave federal court in Chicago. United Airlines Chief Financial Officer Jake Brace (R) and spokesperson Jean Mediana leave federal court in Chicago, May 31, 2005. United Airlines and its machinists' union announced an agreement in principle on a contract May 31, narrowly heading off the need for a bankruptcy judge's ruling that could have triggered a strike. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago. United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago, May 31, 2005. United Airlines and its machinists' union announced an agreement in principle on a contract May 31, narrowly heading off the need for a bankruptcy judge's ruling that could have triggered a strike. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago. United Airlines Chief Financial Officer Jake Brace speaks with the media as he leaves federal court in Chicago, May 31, 2005. United Airlines and its machinists' union announced an agreement in principle on a contract Tuesday, narrowly heading off the need for a bankruptcy judge's ruling that could have triggered a strike. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace speaks briefly with the media as he leaves the Dirksen Federal courthouse. United Airlines Chief Financial Officer Jake Brace speaks briefly with the media as he leaves the Dirksen Federal courthouse in Chicago, May 16, 2005. A Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress

United Airlines Chief Financial Officer Jake Brace and spokes person Jean Mediana leaves the Dirksen Federal courthouse. United Airlines Chief Financial Officer Jake Brace (L) and spokesperson Jean Mediana leaves the Dirksen Federal courthouse for a lunch break in Chicago, May 16, 2005. A Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress

United Chief Financial Officer Jake Brace leaves the Dirksen Federal courthouse for a lunch break in Chicago, May 13, 2005. Three days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG

United Chief Financial Officer Jake Brace speaks to the media at the Dirksen Federal courthouse for a lunch break in Chicago, May 13, 2005. Three days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG

United Chief Financial Officer Jake Brace speaks to the media at the Dirksen Federal courthouse for a lunch break in Chicago, May 13, 2005. Three days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG

United Chief Financial Officer Jake Brace arrives at the Dirksen Federal courthouse for a lunch break in Chicago, May 13, 2005. UAL Corp. reported a $1.1 billion first-quarter net loss as ground workers for its United Airlines unit voted overwhelmingly to authorize a strike if a judge allowed the carrier to end their union's contract. On Tuesday, a bankruptcy judge approved a United deal to terminate its pension plans in potentially the largest corporate pension default in U.S. history. United expects to save about $645 million per year under the plan. REUTERS/John Gress JG/GN

United Chief Financial Officer Jake Brace speaks to the media in the Dirksen Federal courthouse for a lunch break in Chicago, May 12, 2005. Two days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG/HK

United Chief Financial Officer Jake Brace speaks to the media in the Dirksen Federal courthouse for a lunch break in Chicago, May 12, 2005. Two days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG/HK

United Airlines Chief Financial Officer Jake Brace (L) leaves the Dirksen Federal courthouse for a lunch break in Chicago, May 12, 2005. Two days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG

United Airlines Chief Financial Officer Jake Brace leaves the Dirksen Federal courthouse for a lunch break in Chicago, May 12, 2005. Two days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG

United Airlines Chief Financial Officer Jake Brace leaves the Dirksen Federal courthouse for a lunch break in Chicago, May 12, 2005. Two days after United Airlines got permission from a federal bankruptcy judge to hand billions of dollars in retirement obligations over to the government's pension agency, a Chicago court is considering the fate of the carrier's union contracts. REUTERS/John Gress JG

United Airlines Chief Financial Officer Jake Brace addresses the media at the Dirksen Federal Courthouse in Chicago after a bankruptcy hearing of United Airlines, May 11, 2005. UAL Corp. on Wednesday reported a $1.1 billion first-quarter net loss as ground workers for its United Airlines unit voted overwhelmingly to authorize a strike if a judge allowed the carrier to end their union's contract. REUTERS/Stephen J. Carrera SC/HK

Jake Brace, Chief Financial Officer for United Airlines (UAL), enters the
federal courthouse in Chicago February 6, 2003. United Airlines, which filed
for chapter 11 bankruptcy in December 2002, was in court seeking permission
to cancel leases on dozens of its jets. REUTERS/Scott Olson

SJO/ME

Jake Brace, Chief Financial Officer for UAL, talks to reporters in the lobby
of a hotel in Chicago where United Airlines creditors were meeting to
appoint representatives to a creditors' committee December 13, 2002. United
Airlines filed for chapter 11 bankruptcy earlier in the week after the
federal government refused to help bail them out of their financial
troubles. REUTERS/Scott Olson

SJO/ME

Jake Brace, Chief Financial Officer for UAL, talks to reporters in the lobby
of a Chicago hotel where United Airlines creditors were meeting to appoint
representatives to a creditors' committee December 13, 2002. United Airlines
filed for chapter 11 bankruptcy earlier in the week after the federal
government refused to help bail them out of their financial troubles.
REUTERS/Scott Olson

SJO/ME

Jake Brace, Chief Financial Officer for UAL, talks to reporters in the lobby
of a Chicago hotel where United Airlines creditors were meeting to appoint
representatives to a creditors' committee, December 13, 2002. United
Airlines filed for chapter 11 bankruptcy earlier in the week after the
federal government refused to help bail them out of their financial
troubles. REUTERS/Scott Olson

SJO/HB

Jake Brace, Chief Financial Officer for UAL, talks to reporters in the lobby
of a Chicago hotel where United Airlines creditors were meeting to appoint
representatives to a creditors' committee December 13, 2002. James
Sprayregen, lead bankruptcy attorney for United Airlines, listens at left.
United Airlines filed for chapter 11 bankruptcy earlier in the week after
the federal government refused to help bail them out of their financial
troubles. REUTERS/Scott Olson

SJO/ME

James Sprayregen (L), lead bankruptcy attorney for United Airlines, and Jake
Brace, Chief Financial Officer for UAL, talk to reporters in the lobby of a
hotel in Chicago where United Airlines creditors were meeting to appoint
representatives to a creditors' committee, December 13, 2002. United
Airlines filed for chapter 11 bankruptcy earlier in the week after the
federal government refused to help bail them out of their financial
troubles. REUTERS/Scott Olson

SJO/HB

Jake Brace CFO of United Airlines arrives at the federal courthouse in
Chicago December 9, 2002. United Airlines filed for chapter 11 bankruptcy
after the federal government last week refused to help bail them out of
their financial troubles. REUTERS/Scott Olson

SJO/ME