United’s stock soars on plans for job cuts

? United Airlines’ stock jumped nearly 20 percent Monday after the struggling carrier announced plans for further layoffs, pay cuts and flight reductions, the latest in a series of steep cost reductions aimed at keeping it out of bankruptcy court.

The company got an additional boost when its pilots union said it ratified a recent agreement for $2.2 billion in wage savings over 5 1/2 years. About 95 percent of United’s 8,800 pilots approved the deal.

Also Monday, United confirmed that its salaried and management employees would take wage and other cuts contributing $1.3 billion in savings, as outlined in October, to its $5.8 billion package of financial cutbacks.

Despite the flurry of actions, it’s still unclear whether United will be able to avoid the Chapter 11 bankruptcy filing it has warned of repeatedly because of impending debt payments and continuing cash losses of more than $7 million a day.

Shares of United parent company UAL Corp. closed up 55 cents, or 18 percent, to $3.50 in trading Monday.