Business News

Aug 7, 2008, 22:08 GMT

Airbus faces loss of 2.2-billion-dollar contract with United

Chicago - European Airbus is facing the loss of a 2.2- billion-dollar contract with United Airlines amidst plunging airline revenues, the airline said Thursday. The airlines mother company, UAL, referred to the possibility in a filing with the US stock oversight agency, the Security Exchange commission. UAL said it was highly possible it would not uphold its order for aircraft of type A319 and A320. United Airlines would lose the 91 million dollars downpayment if it cancels the contract. Amidst all-around crisis in the airlines industry tied to the economic downturn, United Airlines - a partner of Lufthansa - is flying in the red. The company is reducing its service and intends to cut 7,000 jobs from its 55,000-strong workforce and mothball 100 planes.

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