SEC Form SC 13G/A filed

2/16/21 4:02:01 PM ET

$UAL

Air Freight/Delivery Services

Consumer Discretionary

Get the next $UAL alert in real time by email

SC 13G/A 1 d103656dsc13ga.htm SC 13G/A SC 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G/A

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)*

United Airlines Holdings, Inc.

(Name of Issuer)

COMMON STOCK, $0.01 PAR VALUE PER SHARE

(Title of Class of Securities)

910047109

(CUSIP Number)

December 31, 2020

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 910047109

SCHEDULE 13G

Page 2 of 8 Pages


1.	NAMES OF REPORTING PERSONS PAR Investment Partners, L.P.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER 7,055,291
		6.	SHARED VOTING POWER 0
		7.	SOLE DISPOSITIVE POWER 7,055,291
		8.	SHARED DISPOSITIVE POWER 0
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,055,291
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4%
12.	TYPE OF REPORTING PERSON PN

CUSIP No. 910047109

SCHEDULE 13G

Page 3 of 8 Pages


1.	NAMES OF REPORTING PERSONS PAR Group II, L.P.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER 7,055,291
		6.	SHARED VOTING POWER 0
		7.	SOLE DISPOSITIVE POWER 7,055,291
		8.	SHARED DISPOSITIVE POWER 0
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,055,291
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4%
12.	TYPE OF REPORTING PERSON PN

CUSIP No. 910047109

SCHEDULE 13G

Page 4 of 8 Pages


1.	NAMES OF REPORTING PERSONS PAR Capital Management, Inc.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER 7,055,291
		6.	SHARED VOTING POWER 0
		7.	SOLE DISPOSITIVE POWER 7,055,291
		8.	SHARED DISPOSITIVE POWER 0
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,055,291
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4%
12.	TYPE OF REPORTING PERSON CO

CUSIP No. 910047109

SCHEDULE 13G

Page 5 of 8 Pages


Item 1.		Issuer

	(a)	Name of Issuer:

		United Airlines Holdings, Inc. (the “Issuer”)

	(b)	Address of Issuer’s Principal Executive Offices:

		233 South Wacker Drive Chicago, Illinois 60606

Item 2.		Filing Person

	(a) – (c)	Name of Persons Filing; Address; Citizenship:

			(i)	PAR Investment Partners, L.P. (“PAR Investment Partners”);

			(ii)	PAR Group II, L.P. (“PAR Group”), which is the sole general partner of PAR Investment Partners; and

			(iii)	PAR Capital Management, Inc. (“PAR Capital Management,” and collectively with PAR Investment Partners and PAR Group, the “Reporting Persons”), which is the sole general partner of PAR Group.

		The address of the principal business office of each of the Reporting Persons is 200 Clarendon Street, 48th Floor, Boston, MA 02116.

		Each of PAR Investment Partners and PAR Group is a Delaware limited partnership. PAR Capital Management is a Delaware corporation.

	(d)	Title of Class of Securities:

		Common stock, $0.01 par value per share, (the “Common Stock”).

	(e)	CUSIP Number: 910047109

Item 3.	If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

	(a)	☐		Broker or dealer registered under Section 15 of the Act;

	(b)	☐		Bank as defined in Section 3(a)(6) of the Act;

	(c)	☐		Insurance company as defined in Section 3(a)(19) of the Act;

	(d)	☐		Investment company registered under Section 8 of the Investment Company Act of 1940;

	(e)	☐		An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

	(f)	☐		An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

	(g)	☐		A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

	(h)	☐		A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

	(i)	☐		A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;

	(j)	☐		A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);

CUSIP No. 910047109

SCHEDULE 13G

Page 6 of 8 Pages


	(k)	☐	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

		If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:

Item 4.	Ownership.

	(a) and (b)	Amount beneficially owned:

		(i)	PAR Investment Partners directly owns 14,096,389 shares of Common Stock (the “Shares”), which represents approximately 2.4% of the outstanding shares of Common Stock.

		(ii)	PAR Group is the general partner of PAR Investment Partners and may be deemed to beneficially own the Shares.

		(iii)	PAR Capital Management is the general partner of PAR Group and may be deemed to beneficially own the Shares.

	(c)	Number of shares as to which such person has:



	Number of Shares of Common Stock
Reporting Person	(i)		(ii)		(iii)		(iv)
PAR Investment Partners		7,055,291		0		7,055,291		0
PAR Group		7,055,291		0		7,055,291		0
PAR Capital Management		7,055,291		0		7,055,291		0

(i)	Sole power to vote or direct the vote

(ii)	Shared power to vote or to direct the vote

(iii)

Sole power to dispose or to direct the disposition of

(iv)	Shared power to dispose or to direct the disposition of

Item 5.

Ownership of Five Percent or Less of a Class.

lf this statement is being used to report the fact that as of the date hereof the reporting person is the beneficial owner of less than five percent of the class of securities, check the following: ☒

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

The sole general partner of PAR Investment Partners is PAR Group. The sole general partner of PAR Group is PAR Capital Management. Each of PAR Group and PAR Capital Management may be deemed to be the beneficial owner of all shares held directly by PAR Investment Partners.

Item 8.

Identification and Classification of Members of the Group.

Not applicable.

Item 9.

Notice of Dissolution of Group.

Not applicable.

CUSIP No. 910047109

SCHEDULE 13G

Page 7 of 8 Pages

Item 10.

Certification.

Not applicable.

CUSIP No. 910047109

SCHEDULE 13G

Page 8 of 8 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 16, 2021


PAR INVESTMENT PARTNERS, L.P.

By:		PAR Group II, L.P., its General Partner
By:		PAR Capital Management, Inc., its General Partner

By:		/s/ Steven M. Smith
Name:		Steven M. Smith
Title:		Chief Operating Officer and General Counsel

PAR GROUP II, L.P.

By:		PAR Capital Management, Inc., its General Partner

By:		/s/ Steven M. Smith
Name:		Steven M. Smith
Title:		Chief Operating Officer and General Counsel

PAR CAPITAL MANAGEMENT, INC.

By:		/s/ Steven M. Smith
Name:		Steven M. Smith
Title:		Chief Operating Officer and General Counsel

Get the next $UAL alert in real time by email

Recent Analyst Ratings for

$UAL

Date	Price Target	Rating	Analyst
12/18/2025	$145.00	Overweight	Wells Fargo
12/12/2025	$142.00	Buy	UBS
12/9/2025	$125.00	Outperform	BMO Capital Markets
12/4/2025	$132.00	Buy	Citigroup
10/20/2025	$127.00 → $138.00	Buy	TD Cowen
7/21/2025	$101.00 → $127.00	Buy	TD Cowen
5/19/2025	$105.00	Neutral → Buy	UBS
4/22/2025	$73.00 → $88.00	Buy	TD Cowen

More analyst ratings

SEC Form SC 13G/A filed

2/16/21 4:02:01 PM ET

$UAL

Air Freight/Delivery Services

Consumer Discretionary

Get the next $UAL alert in real time by email

SC 13G/A 1 d103656dsc13ga.htm SC 13G/A SC 13G/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G/A

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)*

United Airlines Holdings, Inc.

(Name of Issuer)

COMMON STOCK, $0.01 PAR VALUE PER SHARE

(Title of Class of Securities)

910047109

(CUSIP Number)

December 31, 2020

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

☐ Rule 13d-1(b)

☒ Rule 13d-1(c)

☐ Rule 13d-1(d)

*	The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

CUSIP No. 910047109

SCHEDULE 13G

Page 2 of 8 Pages


1.	NAMES OF REPORTING PERSONS PAR Investment Partners, L.P.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER 7,055,291
		6.	SHARED VOTING POWER 0
		7.	SOLE DISPOSITIVE POWER 7,055,291
		8.	SHARED DISPOSITIVE POWER 0
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,055,291
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4%
12.	TYPE OF REPORTING PERSON PN

CUSIP No. 910047109

SCHEDULE 13G

Page 3 of 8 Pages


1.	NAMES OF REPORTING PERSONS PAR Group II, L.P.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER 7,055,291
		6.	SHARED VOTING POWER 0
		7.	SOLE DISPOSITIVE POWER 7,055,291
		8.	SHARED DISPOSITIVE POWER 0
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,055,291
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4%
12.	TYPE OF REPORTING PERSON PN

CUSIP No. 910047109

SCHEDULE 13G

Page 4 of 8 Pages


1.	NAMES OF REPORTING PERSONS PAR Capital Management, Inc.
2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐ (b) ☒
3.	SEC USE ONLY
4.	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH		5.	SOLE VOTING POWER 7,055,291
		6.	SHARED VOTING POWER 0
		7.	SOLE DISPOSITIVE POWER 7,055,291
		8.	SHARED DISPOSITIVE POWER 0
9.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 7,055,291
10.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES ☐
11.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 2.4%
12.	TYPE OF REPORTING PERSON CO

CUSIP No. 910047109

SCHEDULE 13G

Page 5 of 8 Pages


Item 1.		Issuer

	(a)	Name of Issuer:

		United Airlines Holdings, Inc. (the “Issuer”)

	(b)	Address of Issuer’s Principal Executive Offices:

		233 South Wacker Drive Chicago, Illinois 60606

Item 2.		Filing Person

	(a) – (c)	Name of Persons Filing; Address; Citizenship:

			(i)	PAR Investment Partners, L.P. (“PAR Investment Partners”);

			(ii)	PAR Group II, L.P. (“PAR Group”), which is the sole general partner of PAR Investment Partners; and

			(iii)	PAR Capital Management, Inc. (“PAR Capital Management,” and collectively with PAR Investment Partners and PAR Group, the “Reporting Persons”), which is the sole general partner of PAR Group.

		The address of the principal business office of each of the Reporting Persons is 200 Clarendon Street, 48th Floor, Boston, MA 02116.

		Each of PAR Investment Partners and PAR Group is a Delaware limited partnership. PAR Capital Management is a Delaware corporation.

	(d)	Title of Class of Securities:

		Common stock, $0.01 par value per share, (the “Common Stock”).

	(e)	CUSIP Number: 910047109

Item 3.	If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:

	(a)	☐		Broker or dealer registered under Section 15 of the Act;

	(b)	☐		Bank as defined in Section 3(a)(6) of the Act;

	(c)	☐		Insurance company as defined in Section 3(a)(19) of the Act;

	(d)	☐		Investment company registered under Section 8 of the Investment Company Act of 1940;

	(e)	☐		An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);

	(f)	☐		An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);

	(g)	☐		A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);

	(h)	☐		A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

	(i)	☐		A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;

	(j)	☐		A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);

CUSIP No. 910047109

SCHEDULE 13G

Page 6 of 8 Pages


	(k)	☐	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

		If filing as a non-U.S. institution in accordance with §240.13d-1(b)(1)(ii)(J), please specify the type of institution:

Item 4.	Ownership.

	(a) and (b)	Amount beneficially owned:

		(i)	PAR Investment Partners directly owns 14,096,389 shares of Common Stock (the “Shares”), which represents approximately 2.4% of the outstanding shares of Common Stock.

		(ii)	PAR Group is the general partner of PAR Investment Partners and may be deemed to beneficially own the Shares.

		(iii)	PAR Capital Management is the general partner of PAR Group and may be deemed to beneficially own the Shares.

	(c)	Number of shares as to which such person has:



	Number of Shares of Common Stock
Reporting Person	(i)		(ii)		(iii)		(iv)
PAR Investment Partners		7,055,291		0		7,055,291		0
PAR Group		7,055,291		0		7,055,291		0
PAR Capital Management		7,055,291		0		7,055,291		0

(i)	Sole power to vote or direct the vote

(ii)	Shared power to vote or to direct the vote

(iii)

Sole power to dispose or to direct the disposition of

(iv)	Shared power to dispose or to direct the disposition of

Item 5.

Ownership of Five Percent or Less of a Class.

Item 6.

Ownership of More than Five Percent on Behalf of Another Person.

Not applicable.

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

Item 8.

Identification and Classification of Members of the Group.

Not applicable.

Item 9.

Notice of Dissolution of Group.

Not applicable.

CUSIP No. 910047109

SCHEDULE 13G

Page 7 of 8 Pages

Item 10.

Certification.

Not applicable.

CUSIP No. 910047109

SCHEDULE 13G

Page 8 of 8 Pages

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: February 16, 2021


PAR INVESTMENT PARTNERS, L.P.

By:		PAR Group II, L.P., its General Partner
By:		PAR Capital Management, Inc., its General Partner

By:		/s/ Steven M. Smith
Name:		Steven M. Smith
Title:		Chief Operating Officer and General Counsel

PAR GROUP II, L.P.

By:		PAR Capital Management, Inc., its General Partner

By:		/s/ Steven M. Smith
Name:		Steven M. Smith
Title:		Chief Operating Officer and General Counsel

PAR CAPITAL MANAGEMENT, INC.

By:		/s/ Steven M. Smith
Name:		Steven M. Smith
Title:		Chief Operating Officer and General Counsel

Get the next $UAL alert in real time by email

Recent Analyst Ratings for

$UAL

Date	Price Target	Rating	Analyst
12/18/2025	$145.00	Overweight	Wells Fargo
12/12/2025	$142.00	Buy	UBS
12/9/2025	$125.00	Outperform	BMO Capital Markets
12/4/2025	$132.00	Buy	Citigroup
10/20/2025	$127.00 → $138.00	Buy	TD Cowen
7/21/2025	$101.00 → $127.00	Buy	TD Cowen
5/19/2025	$105.00	Neutral → Buy	UBS
4/22/2025	$73.00 → $88.00	Buy	TD Cowen

More analyst ratings

SEC Form SC 13G/A filed

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for
$UAL

SEC Form SC 13G/A filed

Crush Q1 2026 with the Best AI Superconnector

Recent Analyst Ratings for
$UAL

$UAL
SEC Filings

SEC Form FWP filed by United Airlines Holdings Inc.

SEC Form 144 filed by United Airlines Holdings Inc.

SEC Form FWP filed by United Airlines Holdings Inc.

$UAL
Analyst Ratings

Wells Fargo initiated coverage on United Airlines with a new price target

UBS resumed coverage on United Airlines with a new price target

BMO Capital Markets initiated coverage on United Airlines with a new price target

$UAL
Insider Purchases

Kennedy James A C bought $218,926 worth of shares (6,000 units at $36.49), increasing direct ownership by 26% to 29,363 units (SEC Form 4)

$UAL
Press Releases

United Airlines to Present at Barclays 43rd Annual Industrial Select Conference

United Spotlights Starlink Wi-Fi in New Big Game Ad as Airline Completes Installation on 300+ Regional Aircraft

United Expects Biggest Summer Yet at Chicago O'Hare, Growing to Record 750 Flights Per Day

$UAL
Insider Trading

President Hart Brett J sold $2,022,569 worth of shares (19,000 units at $106.45) and gifted 5,695 shares, decreasing direct ownership by 9% to 258,943 units (SEC Form 4)

SEC Form 4 filed by Director Harford Barney

SEC Form 4 filed by Director Shapiro Edward

$UAL
Leadership Updates

United Spotlights Starlink Wi-Fi in New Big Game Ad as Airline Completes Installation on 300+ Regional Aircraft

United Expects Biggest Summer Yet at Chicago O'Hare, Growing to Record 750 Flights Per Day

United Customers Can Now Order Fresh, United Economy Meals Before Their Flight

$UAL
Large Ownership Changes