Which 1989 U.S. market crash was triggered by the leveraged buyout collapse of United Airlines parent UAL?

The 1989 U.S. market crash triggered by the collapse of the UAL leveraged-buyout deal was called the Friday the 13th mini-crash.

On Friday, October 13, 1989, a proposed $6.75 billion buyout of UAL Corporation, the parent of United Airlines, collapsed. The deal’s failure unsettled investors and contributed to a sharp fall in U.S. markets. The Dow Jones Industrial Average dropped 190.58 points, or about 6.9%, that day.

The episode is called a mini-crash because it was severe but shorter and less globally destructive than the October 1987 crash. It also illustrates how a single failed corporate-finance transaction could affect broader market sentiment, especially when investors were already concerned about debt and leveraged acquisitions.