CHICAGO -- UAL Corp, United's parent company, is shutting down
Avolar, the wholly owned subsidiary it created last spring to
capitalize on the market for fractional ownership of business jets.
The March 22 decision came just a couple of weeks after United
revealed it had given up on finding investors for Avolar and would
not put any more of its own money into the enterprise. Nonetheless,
at that time the company insisted it had not given up on Avolar and
was revising the business plan.
On March 22, United chief executive officer Jack Creighton said
none of the options proved to be "financially viable" and that
closing the business "enables United to focus on its core
competencies." The company said it will begin an orderly shutdown
of the operation, and customers who signed on for Avolar's
fractional jet service are being notified.