Case | HBS Case Collection | March 1995 (Revised April 1995)

UAL Corporation

by Stuart C. Gilson and Jeremy Cott


In the largest attempted employee-buyout in history, a large U.S. commercial airline seeks substantial wage concessions from its employees in return for 53% stake in the airline's commmon stock and guaranteed seats on the board of directors. Management must convince employees, shareholders, Wall Street analysts, and the media that the buyout makes sense from value, operating, and strategic perspectives.

Keywords: Restructuring; Corporate Governance; Labor; Wages; Management Teams; Employee Ownership; Business and Shareholder Relations; Strategy; Value; United States;


Gilson, Stuart C., and Jeremy Cott. "UAL Corporation." Harvard Business School Case 295-130, March 1995. (Revised April 1995.)