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United Airlines

NPR | By Jim Zarroli

Published December 5, 2002 at 12:00 AM EST

NPR'S Jim Zarroli reports the nation's second largest airline, United, is one step closer to bankruptcy today after federal officials turned down its request for loan guarantees. The Air Transportation Stabilization Board last night said United wasn't eligible for federal aid, saying its business plan was not financially sound. Today United's chairman said the company is exploring new financing options. But many in the industry say a bankruptcy filing is now almost inevitable.