What was the name of the 1989 US stock-market collapse that followed a failed leveraged buyout of United Airlines?

The 1989 US stock-market collapse after the failed United Airlines buyout was called the Friday the 13th mini-crash.

On Friday, October 13, 1989, a proposed leveraged buyout of UAL Corporation, United Airlines' parent company, failed. The deal's collapse contributed to a sharp loss of confidence, particularly in highly leveraged takeover transactions. The Dow Jones Industrial Average fell 190.58 points, or 6.91 percent, in that session.

The decline was concentrated in takeover-related and heavily leveraged stocks, but it also affected the wider market. Investors were already concerned about junk bonds, corporate debt, and the sustainability of the late-1980s takeover boom.

This event is often overlooked beside Black Monday in 1987 and the 1929 crash. It was much smaller and shorter-lived, which is why the label “mini-crash” is important. The UAL deal was eventually revived in a different form, and United Airlines later became employee-owned through an unusual leveraged buyout structure.