Business Notes BUYOUTS

Callers dialing the United Airlines pilots' hotline last week were confused. As the holiday tune Greensleeves played creakily in the background, the recorded message reassured listeners that the company's proposed employee buyout was still on track. But then again, was this some old tape left over from last Christmas?

For three years, United's employees have mounted one scheme after another to buy the airline, sending the stock bouncing as high as 290 and as low as 53. The collapse of a $6.8 billion buyout attempt last October triggered a stock- market minicrash. In April, United's board tentatively accepted a $4.4 billion deal proposed by the airline's employees. But last week, as an Aug. 9 financing deadline approached, several major banks withdrew from talks with United's would-be owners. One apparent concern: the ability of the employees to handle the huge debt involved. As the banks stepped back, United's stock , fell 41 a share to close the week at 122. "The main problem," said a financial insider, "is this deal is stale."