Hi, it's Glenn. Last week was the beginning of chapter one for United and also the beginning of a time of real change and uncertainty for the people of this company. That's why one of my top priorities last week was to spend time with employees and customers at our hub locations in the U.S.

I want to tell you that for me personally I found those discussions both informative and energizing. What I really wanted to do in those meetings was to ensure that people had a very clear understanding of our situation, as well as to personally listen to all of your questions and provide direct answers. And now that I have a moment I want to take the occasion of this call to share with you some of what we discussed during my visits.

The one issue that dominated everyone's concerns was very clear. They wanted to know how we will work our way through Chapter 11 and what United will look like when we emerge from this process.

One of the critical issues raised at all locations was the relationship between management and labor. And here's what I said repeatedly on that issue. We have demonstrated in recent months that we can work well together through the union coalition, and we want to continue that relationship. In fact, at the same time that I was meeting with employees last week, our management and labor teams met with union representatives and talked about the future. About the United Airlines that we want to create, about our financial situation and our business plan.

The other point we are conveying to everyone is that we must move very quickly to build a common understanding of the issues we face and of the time sensitivity we also confront.

The reason for that is we face two very key challenges: implementing the specific changes to satisfy our lenders in the short term and at the same time building durability and sustainability into our business plan for the long-term future of United.

In order to create that long-term future, we already know the steps that we certainly must take. First, United has to be relevant to the new marketplace. Simply said, that means offering customers product they want at prices they are willing to pay. It means broadening our service and offering value that appeals to different consumer segments. We can only deliver these products and services to customers if we significantly lower our costs, which today are too high for us to compete successfully.

Second, we must protect and strengthen our core business -- the mainline service -- and maintain and build upon our success with our worldwide Star Alliance partners.

And third, we have got to acknowledge and then take on the competitive threat posed by low-cost carriers. As we all know, they are attacking a large percentage of United's route structure in the United States. We also know that they are growing, and we are not, and neither is the market. That means their growth is coming at our expense. And it is coming from us because they can make a profit on a fare that we cannot profit on.

As I discuss the need for cost reduction, I know that some of you are asking why we now have to go further than the reductions we proposed in the ATSB loan guarantee process.

Simply put, the plan submitted to the ATSB was designed to stabilize United, but we all knew there was much more to do going forward. What we are seeking now is to transform the company for the long term and to make that transformation sustainable and durable. In addition, the realities of Chapter 11 and our in-court financing demand that we do so. If, for whatever reason, we fail to reach the cost reduction milestones under our debtor-in-possession loans, we will not be able to pull down the next payment of financing.

So, as a result, we must change our cost structure and revenue line by creating new offerings for our customers that can compete with our most efficient peers and the low-cost carries. That's why we're building a long-term business plan that will make us a successful competitor in the future.

Throughout my meetings last week, I acknowledged to people again and again that this process is going to be very difficult. I also said, however, that if we are going to succeed, it will be because we have worked together. In the days and week ahead it is critical that we continue to maintain focus on our customers and on running the safest and most efficient airline in the business.

We have the opportunity to influence our future everyday in a way that we have never had before. That's why I'm personally confident that we will emerge from this process a stronger, better United.

With that, I thank you for your continued support and your personal commitment. Keep your heads up and be united. I'll be talking to you soon.