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$2 billion United loan approved
Thursday, 12 Dec, 2003
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UAL Corp. has received a $2 billion loan from JP Morgan Chase & Co. and Citigroup Inc. that clears a flight path for the parent of United Airlines and offers some protection from bankruptcy. UAL, which filed for Chapter 11 bankruptcy a year ago, hopes to emerge from it by mid-2004, the company has said. In the future, the company has said it would complete negotiations to reduce aircraft debt and lease payments due on planes, seek US government approval for a loan guarantee, and find a way to settle under-funded employee pension plans. US lawmakers, now in recess, are expected to vote on an airline bill sometime after Congress returns on January 20.
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