Good morning, this is Glenn. As I am sure you all know by now, over the weekend we made a number of significant announcements. We have reached agreement with the dispatchers on labor cost reductions and we have accepted the proposal from salaried and management employees. We are expecting good news on the ratification front from the pilots and we continue to make progress with the IAM and we are in fact in discussions today.

All of these efforts are designed, as we have said over the weekend in our various communications, to transform United. We are changing our historic relationships with our represented employees, we are responding differently to competition in the marketplace. And we are of course right-sizing the airline to match the demand after 9/11.

As we've said, and I think it's important to repeat, in real terms that means identifying 2.5 billion dollars a year in labor-cost savings, non-labor savings and profit improvement. It means trimming labor costs by 1.1 billion dollars a year. And it means immediately and rigorously implementing a 1.4 billion dollar program in other cost savings and revenue improvement. Our goal, obviously, is to restore the financial health of United and repay the loans that we hope to receive from the ATSB guarantee program.

At the same time, we are looking at ways to build on United's considerable worldwide strength. We are going to expand our network with regional jets and we are going to make our United Express partnerships more competitive and effective. We are finding new opportunities as we work together to deliver superior product to all of our customers. And we are putting project teams in place to lay a plan out as to how exactly to proceed on that front.

All of you are going to play a critical role in these efforts. It is through your energy and your imagination that we are going to unlock the value in United. You are driving exceptional performance, and I really can't say this often enough - the performance of the airline both operationally and in the sense of customer satisfaction is excellent and for that I truly thank you.

You are demonstrating to everybody that is paying close attention to United what we can do when we are aligned and we have clear goals.

We are going to do better and better as time goes on regardless of the path that we take between the obvious choices of an out-of-court restructuring or an in-court restructuring should that be the best choice for us to make.

But all that we are doing today is going to serve us better in the future to create a more competitive and more vigorous United in the world marketplace. And you are all going to be a part of that effort. So for that I thank you very much.

I appreciate the fact that much of the information is coming your way is coming in significant quantities and it is sometimes difficult to digest it all. But it's good information and our effort here is to make certain that you are fully informed as we move forward.

Thanks very much and I'll be talking to you either throughout the week as events unfold or at the beginning of next week.