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United Airlines goes back to the drawing board.
So what does United Airlines do now that the government decided to deny its $1.6 billion loan?
“This will force United Airlines to go back to labour and go back to creditors and get deeper concessions, which is exactly what should happen,” said Dorothy Robyn, an aviation consultant quoted in wire stories.
United Airlines parent UAL Corp. said it would look for new capital and make additional pay cuts before appealing the ruling by the three-member Air Transportation Stabilization Board.
United, the world’s second largest airline, built their plan to exit bankruptcy protection on getting a guarantee that would back most of a $2 billion loan from J. P. Morgan Chase & Co. and Citigroup Inc. The airline has lost $8.6 billion since 2000.
Report by David Wilkening
David
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