Item 7.01 Regulation FD Disclosure.
On July 6, 2020, United Airlines, Inc.
(“United”), a wholly-owned subsidiary of United Airlines Holdings, Inc. (“UAL” and, together with
United, the “Company”) held a Town Hall for its operational employee leaders. Slides utilized during the Town
Hall are attached hereto as Exhibit 99.1. On July 7, 2020, United will hold similar town halls for its frontline
employees.
During the Town Hall, members of management updated employees
on the Company’s schedule, among other items. During the Town Hall, members of management indicated that consolidated capacity
for June 2020 was down approximately 88% year-over-year and that July 2020 consolidated capacity is expected to be down approximately
75% year-over-year. Members of management also indicated that consolidated capacity for August 2020 is expected to be down approximately
65% year-over-year, which includes certain adjustments that the Company plans to make to the schedule previously announced on July
1, 2020, resulting from reduced demand to destinations experiencing increases in COVID-19 cases and/or new quarantine requirements
or other restrictions on travel. The Company plans to continue to proactively evaluate and cancel flights on a rolling 60-day basis
until it sees signs of a recovery in demand, and expects demand to remain suppressed until a widely accepted treatment and/or vaccine
for COVID-19 is available. Members of management noted that the Company does not expect the recovery from COVID-19 to follow a
linear path, as illustrated by recent booking and demand trends, and that consolidated capacity through the end of 2020 is expected
to be generally consistent with August 2020.
The information in this Item 7.01, including Exhibit 99.1, is being furnished and shall
not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any
registration statement or other document filed pursuant to the Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such filing.
Cautionary Statement Regarding Forward-Looking Statements:
Certain statements in this Current Report on
Form 8-K are forward-looking and thus reflect the Company’s current expectations and beliefs with respect to certain
current and future events and anticipated financial and operating performance. Such forward-looking statements are and
will be subject to many risks and uncertainties relating to the Company’s operations and business environment that may cause
actual results to differ materially from any future results expressed or implied in such forward-looking statements.
Words such as “expects,” “will,” “plans,” “anticipates,” “indicates,”
“remains,” “believes,” “estimates,” “forecast,” “guidance,” “outlook,”
“goals,” “targets” and similar expressions are intended to identify forward-looking statements.
Additionally, forward-looking statements include statements that do not relate solely to historical facts, such as statements
which identify uncertainties or trends, discuss the possible future effects of current known trends or uncertainties, or which
indicate that the future effects of known trends or uncertainties cannot be predicted, guaranteed or assured. All forward-looking statements
in this report are based upon information available to the Company on the date of this report. The Company undertakes no obligation
to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed
circumstances or otherwise, except as required by applicable law.
The Company’s actual results could differ
materially from these forward-looking statements due to numerous factors including, without limitation, the following:
the duration and spread of the ongoing global COVID-19 pandemic and the outbreak of any other disease or similar public health
threat and the impact on the business, results of operations and financial condition of the Company; the lenders’ ability
to accelerate the MileagePlus indebtedness, foreclose upon the collateral securing the MileagePlus indebtedness or exercise other
remedies if the Company is not able to comply with the covenants in the MileagePlus financing agreement; the final terms of borrowing
pursuant to the Loan Program under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), if any, and the effects of the grant and promissory note through the Payroll
Support Program under the CARES Act; the costs and availability of financing; the Company’s significant amount of financial
leverage from fixed obligations and ability to seek additional liquidity and maintain adequate liquidity; the Company’s ability
to comply with the terms of its various financing arrangements; the material disruption of the Company’s strategic operating
plan as a result of the COVID-19 pandemic and the Company’s ability to execute its strategic operating plans in the long
term; general economic conditions (including interest rates, foreign currency exchange rates, investment or credit market conditions,
crude oil prices, costs of aircraft fuel and energy refining capacity in relevant markets); risks of doing business globally, including
instability and political developments that may impact its operations in certain countries; demand for travel and the impact that
global economic and political conditions have on customer travel patterns; the Company’s capacity decisions and the capacity
decisions of its competitors; competitive pressures on pricing and on demand; changes in aircraft fuel prices; disruptions in the
Company’s supply of aircraft fuel; the Company’s ability to cost-effectively hedge against increases in the price of
aircraft fuel, if it decides to do so; the effects of any technology failures, cybersecurity or significant data breaches; disruptions
to services provided by third-party service providers; potential reputational or other impact from adverse events involving the
Company’s aircraft or operations, the aircraft or operations of its regional carriers or its code share partners or the aircraft
or operations of another airline; the Company’s ability to attract and retain customers; the effects of any terrorist attacks,
international hostilities or other security events, or the fear of such events; the mandatory grounding of aircraft in the Company’s
fleet; disruptions to the Company’s regional network as a result of the COVID-19 pandemic or otherwise; the impact of regulatory,
investigative and legal proceedings and legal compliance risks; the success of the Company’s investments in other airlines,
including in other parts of the world, which involve significant challenges and risks, particularly given the impact of the COVID-19
pandemic; industry consolidation or changes in airline alliances; the ability of other air carriers with whom the Company has alliances
or partnerships to provide the services contemplated by the respective arrangements with such carriers; costs associated with any
modification or termination of the Company’s aircraft orders; disruptions in the availability of aircraft, parts or support
from its suppliers; the Company’s ability to maintain satisfactory labor relations and the results of any collective bargaining
agreement process with its union groups; any disruptions to operations due to any potential actions by the Company’s labor
groups; labor costs; the impact of any management changes; extended interruptions or disruptions in service at major airports where
the Company operates; U.S. or foreign governmental legislation, regulation and other actions (including Open Skies agreements,
environmental regulations and the United Kingdom’s withdrawal from the European Union); the seasonality of the airline industry;
weather conditions; the costs and availability of aviation and other insurance; the Company’s ability to realize the full
value of its intangible assets and long-lived assets; any impact to the Company’s reputation or brand image and other risks
and uncertainties set forth under Part I, Item 1A., “Risk Factors,” of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as updated by the Company's Quarterly Report
on Form 10-Q for the fiscal quarter ended March 31, 2020 and the Company's Current Report on Form 8-K filed on June 15, 2020,
as well as other risks and uncertainties set forth from time to time in the reports the Company files with the SEC.U.S. Securities
and Exchange Commission.