United received $390 million of an expected $800 million as part of the government's $15 billion airline industry financial aid package, the company's parent UAL Corp. said in a filing to the Securities and Exchange Commission on Friday.

Following the attacks, the airline giant announced it would scale back flight schedules and furlough 20,000 employees.

In the SEC filing, United said it hasn't yet estimated the financial impact of the attacks on the company.

"However, given the magnitude of these unprecedented events and the possible subsequent effects, United expects that the adverse impact to its financial condition, its operations and its prospects will be material," the company said.

The federal government is allocating $5 billion to airlines based on their market share. But the General Accounting Office reported Friday that the formula may not adequately compensate some airlines for the losses they suffered, while giving other airlines extra money. The Transportation Department is deciding whether to try to adjust the rules before allocating the rest of the funds, the GAO said.

On Friday, the Bush administration issued rules that give a four-member board, including Federal Reserve Chairman Alan Greenspan, much leeway to distribute $10 billion in guaranteed loans to the industry.

The rules require that the board must guarantee less than 100 percent of any loan and that loans must be repaid within seven years.

Other members of the Air Transportation Stabilization Board are Treasury Secretary Paul O'Neill, Transportation Secretary Norman Mineta and Comptroller General David Walker.

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On the Net: United Airlines: http://www.ual.com

SEC: http://www.sec.gov/