Sep 08

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Sept. 8 (Bloomberg) — United Airlines parent UAL Corp. said it didn’t file for bankruptcy, after a 2002 Chicago Tribune news report on the carrier’s filing was mistakenly republished on a newspaper Web site.

The shares fell as much as 76 percent before trading was halted for about 90 minutes, then recovered most of the decline. UAL trades between 10:55 a.m. and 11:08 a.m. New York time won’t be canceled, the Nasdaq Stock Market said on its Web site.

The 6-year-old news report was posted online by the South Florida Sun-Sentinel and was picked up by Income Securities Advisors Inc., said Richard Lehmann, president of the Miami Lakes, Florida-based research firm. Income Securities Advisors distributed the report on the Bloomberg terminal before retracting it and issuing a correction.

Bloomberg News also ran a headline citing the Tribune story after the Income Securities Advisors report.

“United has demanded a retraction from the Sun-Sentinel and is launching an investigation,” the Chicago-based carrier said in a statement. UAL filed for bankruptcy on Dec. 9, 2002, and left court supervision on Feb. 1, 2006. United is the world’s second-biggest airline by passenger traffic.

Source: www.bloomberg.com





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written by Zanahorio




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