Hi, it's Glenn. And, it's Sunday, January 9th , and I'm calling today from Chicago .

Last week was among the most significant we've had so far in our ongoing and complex restructuring. There were several events that helped move this company toward our goal of emerging from Chapter 11 as a company that is well-positioned to contend with the difficult and challenging current market realities.

Today on the call, I want to highlight last week's accomplishments and to talk to you about what they mean for all of us at United.

In a major development, after hard work and careful and immediate attention to creating workable solutions, we reached consensual deals on prompt cost savings with the AFA and with AMFA. These are being presented to union membership as we speak for ratification.

As you know, these agreements followed ones that we had recently reached with ALPA, with PAFCA and with TWU. And, with the IAM, we filed a motion that, having been granted, will provide the immediate savings we need while giving the IAM, along with AMFA and AFA, additional time to work on the remaining issues with the company.

I want to personally emphasize how important these agreements are and what they represent in a broader sense. I am encouraged by the spirit of cooperation and depth of understanding of what we face in the marketplace that underlies our work. The realities of our industry include constant change and intense competition in both revenue and in costs.

These mutually agreeable deals are remarkable achievements for a very important reason. They allow us to continue with the rest of our restructuring -- as we must -- carefully and with foresight.

They also mean that we can now move forward without a complex court trial that would have distracted us from managing the work we must do for our company and for our customers in the competitive marketplace that I just mentioned. We will return to the table with our unions to continue the discussions that will enable us to emerge from Chapter 11.

While Judge Wedoff did not approve our agreement with ALPA, he did so with what he called great reluctance, recognizing how hard we had all worked together and encouraging us to continue to work together with all of our stakeholders in that same spirit.

This is precisely what we have done and will continue to do. We'll continue working on pension issues over the next 90 days, and we'll continue to make progress with our pilots in a way that appropriately recognizes the sacrifices that they and all of our employee groups are making for the sake of United Airlines.

What we will also do is continue to serve our customers as they expect we should. Our customers, who do not follow the daily ins and outs of our court restructuring, know from their travels with us and from the media that consensual agreements are good for us and, as a result, good for them.

It is important for us all to realize...as I said earlier and indeed as I mentioned on the call last week with Sara Fields and Pete McDonald...that change is again unfolding right of us in a way that is dramatic and confident. Our competitors are making sweeping fare changes to address the low-cost environment, which we can now acknowledge is here to stay.

There is no doubt that we at United are far better positioned today than we were a year ago, and certainly far better positioned than we were two years ago at the beginning of our case, to deal with the current market realities -- because of the work that we have done and thanks to the team running the company's business.

In that vein, John Tague will be joining me on the call soon to talk about these latest fare developments in the competitive marketplace and what they mean for United, and how we will respond.

Once again, I want to recognize that we continue to face challenging and difficult developments as we begin another important year for United. As I said in my letter to the Board of Directors this week, it is not getting any easier. On behalf of all of us, thank you for all of your ongoing good work, and in the face of a market that isn't getting any easier, thanks to all of you for being better at what we do. And, thank you for pulling together through the busy holiday season with the understanding that we're all in this together, and we're all competing together. Until next time, stay United.