CHICAGO, January 20, 2006 -- UAL Corporation (OTC Bulletin Board: UALAQ.OB), the holding company whose primary subsidiary is United Airlines, today announced that the U.S. Bankruptcy Court for the Northern District of Illinois has confirmed the Company’s Plan of Reorganization (POR), setting the stage for United to emerge from Chapter 11 in early February.

In confirming the plan, the court determined that it provided fair and equitable treatment of creditors and otherwise satisfied the requirements of the Bankruptcy Code. The company’s creditors previously voted overwhelmingly in support of the plan. Further, the Creditors’ Committee withdrew all objections to the Plan, an important accomplishment as the company concludes its very complex restructuring.

“The confirmation of our plan validates more than three years of work to make United a sustainable enterprise, ready to compete successfully with the strongest carriers,” said Glenn Tilton, United’s President, Chairman and CEO. "The tremendous work of our employees during the most difficult times is an indication of what we are capable of moving forward.  We will build on our momentum as we continue to differentiate United in the marketplace and focus fully on our customers for a stronger future."

"Throughout this process, we worked with our stakeholders to consensually resolve issues and put forward a reorganization plan that maximizes the value of United for all, and that provides a solid foundation on which United can compete," said Jake Brace, Executive Vice President and Chief Financial Officer. “We appreciate the work of our Creditor's Committee and all our stakeholders for resolving issues cooperatively with us and now, with strong relationships in place, look forward to working with our business partners going forward for our mutual benefit."

Pursuant to the confirmed plan of reorganization, current UAL common stock, preferred stock and ToPRS will be canceled on the emergence date, and no distribution will be made to holders of those securities.

The company said that creditor distributions would likely begin shortly after its emergence.

As previously announced, United has secured $3 billion in exit financing to be provided by JPMorgan, Citigroup and GE Capital. Exit financing will be used by United to repay the Debtor-In-Possession (DIP) facility, to make other payments required upon exit from bankruptcy, and to ensure strong cash balances to conduct post-reorganization operations.

Both Standard & Poors and Moody’s credit ratings agencies have given United’s business better ratings than any other network carrier.

On Wednesday, the company announced the composition of its Board of Directors that will begin service upon United’s emergence from Chapter 11.  

Other details of the POR may be accessed at http://www.pd-ual.com/ .

About United

United Airlines (OTCBB: UALAQ.OB) operates more than 3,400 flights a day on United, United Express and Ted to more than 200 U.S. domestic and international destinations from its hubs in Los Angeles, San Francisco, Denver, Chicago and Washington, D.C.  With key global air rights in the Asia-Pacific region, Europe and Latin America, United is one of the largest international carriers based in the United States.  United is also a founding member of Star Alliance, which provides connections for our customers to 790 destinations in 138 countries worldwide.  United's 57,000 employees reside in every U.S. state and in many countries around the world.  News releases and other information about United can be found at the company's Web site at united.com.

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