What was the name of the 1989 U.S. crash caused by the leveraged buyout battle for United Airlines?

The 1989 U.S. crash caused by the leveraged buyout battle for United Airlines was called the Friday the 13th mini-crash.

On October 13, 1989, the Dow Jones Industrial Average fell 190.58 points, or about 6.9 percent. The immediate trigger was news that a group led by a subsidiary of UAL Corporation could not complete a highly leveraged buyout of United Airlines. Investors worried about the deal’s financing and about the broader market for leveraged transactions.

The plunge came only two years after Black Monday, but it was far smaller and shorter-lived. It is often described as a mini-crash because the fall was dramatic without producing the systemic collapse associated with 1929 or 1987. The episode also exposed how corporate-finance news could move the wider stock market.

The date created a memorable nickname, but it should not be confused with “Black Friday,” a label used for several unrelated financial or retail events. UAL Corporation later became part of United Continental Holdings.