NEW YORK (CNN/Money) - United Airlines parent UAL Corp. trimmed its loss in February, meeting the targets set by its lenders to provide it with the financing needed to continue operating.

The company said its net loss for the month came to $367 million, down from $382 million in January. Its operating loss narrowed to $307 million from $331 million in January. The carrier said those results allowed it to meet lenders' requirement that it post less than a $964 million loss before interest, taxes, depreciation, amortization and aircraft rent during the first three months of its operations under bankruptcy court protection. It did not give details on the size of that loss, but the airline must sharply reduce losses soon if it is to survive, an analyst said.

"They met it [the loan requirement] but they're losing tons of money," said Jim Corridore, the airline equity analyst for Standard & Poor's. He said the key will be if the airline wins new labor agreements from the unions or from the bankruptcy court by the end of May.

"I think that they could be in trouble even if they get what they're seeking. But if they don't get it and get it soon, they won't be coming out of bankruptcy," he said.

Coupled with the continued losses, the company warned that the current U.S.-Iraq war will "negatively impact earnings and cash flow for United and its competitors. We are moving rapidly to address those challenges." The world's No. 2 airline already has announced an 8 percent cut in capacity in April along with additional staff furloughs.

The company said that $300 million cash outflow in February was somewhat better than its previous forecast due to lower-than-expected aircraft payments. United began February with a cash balance about $1.8 billion, including restricted cash, and ended the month with about $1.5 billion.

Shares of UAL (UAL: Research, Estimates), which have continued to trade despite the bankruptcy filing, were up 1 cent to 86 cents in pre-market trading on Instinet Wednesday, after gaining 2 cents Tuesday.