United Airlines Flies Back to NYSE
Long an NYSE-company, United switched to NASDAQ when it emerged from bankruptcy in February 2006 (seen below). But on Monday, United said it will move back on Oct. 1 after completing its planned merger with Continental (CAL). At that time, United will turn in the "UAUA" symbol and reclaim its "UAL" symbol.
The move requires approval by directors of United and the NYSE. The holding company's name will become United Continental Holdings Inc.
United's decision to switch to the NASDAQ occurred as the three-year bankruptcy rumbled towards a close. On Jan. 20, 2006, then-CFO Jake Brace told reporters after a bankruptcy hearing that both the NYSE and the NASDAQ had approved the company's new stock. One week later, the company said it would trade on the NASDAQ.And on Feb. 12, 2006, CEO Glenn Tilton remotely rang the NASDAQ opening bell from Chicago's O'Hare International Airport. "We thank NASDAQ for being an excellent partner to United for the past four years," Tilton said Monday, in a prepared statement. -- Written by Ted Reed in Charlotte, N.C. >To contact the writer of this article, click here:
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