United Wholesale agrees merger with Gores Holdings to go public

(Reuters) – United Wholesale Mortgage (UWM) said on Wednesday it has agreed to go public by merging with special purpose acquisition company (SPAC) Gores Holdings IV Inc GHIV.O in a deal that will value the wholesale mortgage lender at $16.1 billion. It is the most highly-valued company ever acquired by a SPAC and comes amid a boom of deals by […]

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United improves quarterly cash burn but employee demand for early exits weak

CHICAGO (Reuters) – United Airlines Holdings Inc (UAL.O) said on Tuesday it burned through about $40 million per day in the second quarter but sees that amount slowing to roughly $25 million in the third quarter as it matches its flight schedule to coronavirus-hit demand. U.S. airlines are scrambling to adjust operations to hard-to-predict travel demand as COVID-19 infections surge, […]

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United Airlines CEO Kirby's annual base salary lower than predecessor

(Reuters) – United Airlines Holdings Inc said on Friday it would pay Chief Executive Officer Scott Kirby an annual base salary of $1 million, lower than what prior head Oscar Munoz received. The compensation committee also approved an annual base salary of $775,000 for President Brett Hart, less than what Kirby got in the role, the company said in a […]

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United cuts May flights by 90%, tells employees to brace for job cuts

(Reuters) – United Airlines Holdings Inc (UAL.O) said on Wednesday that it has cut its flight schedule by 90% in May and expects similar cuts for June as a result of the coronavirus pandemic, and warned that travel demand that is now “essentially at zero shows no sign of improving in the near term,” making job cuts likely. United disclosed […]

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