DENVER -- In a time when United Airlines is teetering on the brink of bankruptcy, executives are not immune to layoffs and salary concessions.

The airline announced Tuesday that it will reduce the number of its company officers by 18 percent, or eight people, and the 36 remaining executives will cut 11 percent of their salaries over 5.5 years.

That will help save the airline more than $60 million, Chief Executive Officer Glenn Tilton said.

United Airlines said that in addition to salary cuts, there will be no 2002 merit salary increase and no 2002 incentive payment for those officers.

The five most highly compensated United executives were paid an average of $1.9 million in 2001, excluding the value of stock options, according to a Dow Jones report.

UAL Chairman John W. Creighton received no salary in the period but was provided with options on 400,000 UAL shares.

The largest carrier out of Denver International Airport has said it may seek bankruptcy protection if it fails to obtain a $1.8 billion federal loan guarantee.

Tuesday, the company said it will furlough 352 pilots in January and February as part of its downsized flight schedule in 2003.

The airline has already negotiated wage concessions with the unions for pilots and flight attendants. A crucial vote by the mechanics union will be held on Thursday to determine if the 13,000 mechanics agree to a 7 percent wage cut. If not, it's bad news for United, experts said.

United is still burning through cash at the rate of $7 million a day, largely because its pilots and mechanics make higher salaries than most other pilots and mechanics in the industry, according to the Business Review.