Hi, this is Glenn. Before I begin my message for this week, I want to take a moment to acknowledge, on behalf of the entire United family, our deep sadness and our profound sympathy for the loved ones and the families of the astronauts who lost their lives on the Columbia shuttle. The United family knows the pain of such loss, and we offer our sincere sympathies to all of the loved ones of the astronauts.

This week I want to focus primarily on the excellent board meeting last Thursday, and it's also important I talk to all of you about recent misinformation in the press.

As you all know, our board met last week to discuss our plan for transformation. This plan will form the basis of the work we will do in the months ahead, and it will evolve, over time, into the plan that we will present to the court to emerge from Chapter 11. Before the meeting, the board had received significant detail and data, and the board came well prepared for the discussion. As we worked through the various elements of the plan, the board asked tough questions, probing questions, and challenged our assumptions. That is precisely what a good board of directors is supposed to do. I was extremely pleased with the quality of the discussion and the level of involvement of every member of our board. And, at the end of the meeting, they gave us their complete endorsement to continue the development and analysis of the plan we presented.

We discussed the extraordinary and daunting issues facing the airline industry, as well as United's specific challenges. There was no disagreement that to survive in this industry, we must fundamentally transform United. Everyone of us knows that we cannot fix our business as it is currently structured, and that incremental change will have no impact. We all agree that transformation is required. So, what does that mean? First and foremost, it means having useful and worthwhile travel options for today's demanding customers. And it means being cost-competitive in all segments of the market in which we choose to compete. Ultimately, it will mean being viable with a demanding investment community. Transformation also means we must do a much better job of leveraging our competitive advantages. We must protect and strengthen our worldwide global network and route structure and value our business customers. And that means we will continue to value our business customers and, in fact, to deliver a service that is a better match for their needs today and in the future. To support that network and build our business for the future, we must do more. We must have a compelling customer value proposition for a wider customer base. This means that we must look at the growing number of customers who are moving to low-cost carriers. With that in mind, we must establish an alternative to the low-cost carriers that will appeal to the customers in this market segment. We will not –- we cannot –- walk away from a significant, growing market that is important in its own right and an important element of our total network proposition. We know the issues and we're well aware of the failures in the past in this area.

We believe, however, that there is a way for us to compete and we intend to do just that. The other key element of the plan I want to mention today is people. United must create a positive environment and opportunities for our employees. This is an element of the plan that is critical, as critical as the business initiative. You'll be hearing more about this from Sara Fields and her HR team as they begin to develop this work throughout the reorganization.

We're aligned with our board and we'll continue to work with our unions on these critical elements of the plan. We must be cost competitive. We must deliver travel options that meet customers' needs and that build a strong, sustainable network. And we must focus on our employees. To that end, communications with our employees is a top priority. As we move forward in our planned discussions, not only with our unions, but also our creditors committee and other key constituents, we're going to be talking with you.

That leads me to the only other topic for this important call. And that is the inaccurate information in some of the press this week regarding details of our plan and our board meeting. We have had provocative, factually incorrect commentary from a couple of journalists and from people quoted in several of the articles. Our communications team works very hard with the press to get accurate information into press coverage. We understand that the media must go to other sources for contrary opinion, and we respect that. What is absolutely unacceptable is the fabrication of information to create a new headline on United. This is truly unfortunate as it causes great anxiety in our employees and it concerns others. We will continue to do whatever we can to get accurate representation in every article.

Regardless of that diversion, United had an excellent week. Our board has given us the encouragement to move forward, to develop our plan. We will not be distracted. We're going to focus on our customers and we're going to work together to complete our plan for transformation into United's future. In the days and weeks ahead, as we come out to share our ambitions with you and with other constituents, let's all keep our heads up, let's focus on the customer . Let's continue to do the extraordinary job that we have been doing. Let's celebrate the fact that our on-time performance and our customer satisfaction performance continues to improve, despite these difficult times. And let's all focus on the future of our company.

Thanks very much, and I'm looking forward to talking to you again soon.