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United gets year-long reprieve
The US government refused to financially prop up ailing United Airlines, but the company saved itself in the near future by getting a $1 billion loan from three private lenders.
That will give the major airline another year to reorganize in Chapter 11 protection, said USA Today.
The loan is designed to give United until next June to cut more costs and revise its business plan, said the newspaper, quoting Bill Repko, restructuring chief at J. P. Morgan Chase.
The US government had previously rejected United’s $1.6 billion loan guarantee to help it escape bankruptcy.
The Air Transportation Stabilization Board ruled United did not need a federal guarantee to get financing because credit markets have improved since 9-11.
The loan is split among J. P. Morgan, Citigroup and GE Commercial Finance.
Report by David Wilkening
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