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CHICAGO — The warning by United Airlines’ chief executive that the carrier is in danger of going out of business prompted criticism Wednesday from its labor unions and sent the stock plunging to its lowest price in more than a decade. 

United shares fell 10 percent after James Goodwin said in a letter to employees that it will stop flying sometime next year if it doesn’t stop “hemorrhaging” cash at the current pace, which accelerated after the Sept. 11 attacks. 

Aviation industry experts are divided on whether United could fail that quickly, with some calling it unlikely and others possible. They say such carriers as US Airways, America West and perhaps Continental are in more dire situations, although troubled United is going through its cash alarmingly quickly. 

Labor officials representing United employees angrily dismissed the warning as a “Chicken Little letter” — a scare tactic intended to force a reopening of its costly labor contracts or at least gain leverage in negotiations with 15,000 mechanics and 30,000 ramp and customer service workers. 

Reservations agents, they said, were being swamped with calls from nervous passengers seeking ticket refunds. 

Tom Buffenbarger, president of the International Association of Machinists and Aerospace Workers, assailed Goodwin for an “alarmist rant” that undercut passenger confidence in air travel just when it was beginning to return. 

“Goodwin’s credibility with employee-owners and the IAM is shot,” he said. “I refuse to accept his assessment of United’s future. We want to see the books.” 

Federally mediated contract talks, which remain deadlocked after nearly two years, are due to resume Oct. 31 with ramp and customer service workers and Nov. 6 with mechanics. 

IAM spokesman Frank Larkin said United’s management may also be trying to get more money out of the government, which already rescued the airline industry with a $15 billion package designed to stave off bankruptcies. 

“The letter may represent a new high in pre-negotiations rhetoric, or it may be greasing the door for a return to Washington for additional bailout billions,” Larkin said. 

Herb Hunter, union leader for United pilots who signed an industry-leading wage agreement last year, said the letter raised troubling questions — particularly since bookings are high again and “there are a lot of full airplanes.” 

“It scares the people, it scares the employees,” he said. “It sounds like labor negotiations 101 and using fear as a tactic.” 

United spokesman Joe Hopkins declined comment on the union charges that Goodwin’s remarks were a ploy. 

Investors took the warning seriously, sending the stock of United parent company UAL Corp. — which peaked at over $100 in 1997 — as low as $16, down 14 percent, before it recovered somewhat. Shares finished the session down $1.79 to $16.85 on the New York Stock Exchange, near the post-attacks closing low of $16.22 reached last month. 

The last time UAL shares closed as low as $16, including adjustments for stock splits, was Sept. 9, 1988, according to the Center for Research in Security Prices, run by the University of Chicago’s Graduate School of Business.  

Intraday lows, or those reached during trading sessions, are not available for that far back. 

Analysts estimate that United is losing as much as $20 million a day and risks burning through its cash by next summer. But with schedules, fares and work force levels all in flux, they said it’s impossible to assess exactly how badly it’s doing or how full its planes need to be in order for it to break even. 

United has announced plans to lay off about 20,000 of its 100,000 employees and reduced daily capacity by 26 percent, to 1,654 flights. 

“I think Goodwin has been understating the situation all along, and it’s about time he told everybody what the true picture was,” said ABN Amro analyst Ray Neidl. “Every airline is in danger.” 

He noted that United, which depends more heavily on business travel than other carriers, accounted for two-thirds of airline industry losses in the second quarter when it lost $292 million. 

But others think United’s chairman and CEO overstated the case. 

“We believe Goodwin’s comments are designed to ensure UAL’s employees fully understand the magnitude of UAL’s financial difficulties as he likely seeks wage and/or work rule concessions,” Brian Harris said in a research note for Salomon Smith Barney. 

“We do not think UAL will ’perish’ because we fully expect the combination of revenue claw-back and cost reductions via unprecedented capacity reductions will be sufficient ... to survive.”