United Airlines' recent aircraft lease restructuring is a key victory for the embattled carrier, a move that could accelerate its bankruptcy exit if it wants to leave court protection late this year or early next, an analyst said on Wednesday.

United said Tuesday it has completed its aircraft lease restructuring, saving about USD$300 million a year and moving it closer to a Chapter 11 exit. Over the course of its bankruptcy, United cut fleet costs by USD$850 million annually.

United's deal with a group of finance committees, known as the Public Debt Group, still needs bankruptcy court approval, which the carrier plans to seek in mid-September.

"It's a huge step, that's for sure. It was probably, as of late, one of the most worrisome hurdles," said Morningstar equity analyst Chris Lozier. "We still have the issue of whether they want to come out, but certainly this will enable them to come out sooner rather than later."

Some analysts have speculated that United would be better off waiting until spring to exit bankruptcy. The seasonal increase in airline bookings may provide a better environment for a Chapter 11 exit, they said.

United last week delayed filing its reorganization plan until early September, possibly pushing a bankruptcy exit to next year. The carrier had hoped to emerge in the autumn.

Before leaving Chapter 11, United must secure financing in a range of USD$2 billion to USD$2.5 billion and have its reorganization plan approved by eligible creditors and the court.

United, which has been in Chapter 11 protection since December 2002, has been battered with the rest of the industry by high fuel costs, weak revenues and competition from lower-cost rivals.