Hi this is Glenn. As I mentioned in my call to you last week, the union representatives and the management team have been working hard to reach agreements that ensure United moves forward in Chapter 11 in the most positive and productive way possible. As you have probably heard, on Friday we filed a motion with the U.S. Bankruptcy Court that outlined tentative agreements on interim wage reductions with four of our unions that will need to be ratified by the membership.

You will also recall that I had previously shared with you that lenders providing short-term financing to United have imposed very tough terms and conditions that call for immediate and significant reduction of our costs. These conditions put significant pressure on the time available to reach collaborative agreements. We have had little time to discuss the financial and business transformation of United that will be needed for us to be competitive and stable when we exit bankruptcy and for the long term.

The agreements we reached on Friday will enable us to meet the short-term labor imperatives of the financing. And, importantly, they give us the window of opportunity to discuss in detail the scope and the scale of business transformation and change and labor relations that we must address to compete. In addition, it's critical that we immediately identify and act upon all other cost-saving opportunities that are within our control and we continue to press forward on that front.

The union agreements allow us to continue to work collaboratively on solutions that are very difficult, very complex and represent change for every one of us at United. However, these agreements must include all of our employees. And they must be strong enough to meet the financial targets and to take us through these critical next months.

This is a very stressful and difficult time for the union representatives and everyone involved in our recovery plan and negotiations. For the first time we are working together within the confines of Chapter 11. And this is a new experience, and I want to personally thank everyone for the significant effort and for taking this most important critical step.

The time ahead must be used for work that will be even more difficult and demanding than these previous weeks and months. I realize that there are different views about the amount of change or transformation that will be required to make our company successful for the long term. And I look forward to the opportunity to share and discuss the issues facing this industry and the solutions that are available to us at United. I'm convinced, however, that fundamental and significant change will be required. I'm just as convinced that the more discussion of the issues that will now be possible will lead us to make the necessary transformational changes on a collaborative basis.

In closing, we need to remind ourselves of the real progress we are making -- as tough as these decisions are -- and remind ourselves of the only acceptable option for United. And that is to emerge from Chapter 11 a strong, vigorous competitor, a leader in the industry, with an organization that can thrive in the long term.

Keep your heads up in the days ahead, and I'll be talking to you soon.