United is set to receive $1 billion in loans and may stay in bankruptcy through June 2005.

That pretty much proves the point that United has access to private capital markets, contrary to claims made in furtherance of their failed application for government-backed loans.

The key difference is that had they gotten the government-backed loans, they would have quickly emerged from Chapter 11 without finishing the job of cost cutting.

By going to the private market for funding, they’re being forced to make painful cuts in order to become profitable.