Ka-CHING! UAL Gets $3 Billion In Financial Backing | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Most Recent Daily Episodes

Episode Date

Airborne-Monday

Airborne-Tuesday

 Airborne-Wednesday Airborne-Thursday

Airborne-Friday

Airborne On YouTube

Airborne-Unlimited-04.22.24

Airborne-Unlimited-04.16.24

 Airborne-FlightTraining-04.17.24 Airborne-AffordableFlyers-04.18.24

Airborne-Unlimited-04.19.24

Sat, Oct 08, 2005

Ka-CHING! UAL Gets $3 Billion In Financial Backing

That's A Big Step Toward Bankruptcy Exit

United Airlines, long mired in federal bankruptcy court, may now have a way out. JP Morgan and Citigroup have signed on to arrange $3 billion in financing to help the beleaguered carrier emerge from federal debt protection as planned in February.

"Today represents a validation of three years of hard work, that at the outset, many critics said could not be done," said Jake Brace, United's chief financial officer, quoted by Reuters.

The letter of commitment was filed in Chicago federal court on Friday. It will be considered by the judge on October 21st.

The JP Morgan and Citibank offers were among four considered by the airline, which has been in bankruptcy since 2002. Since then, UAL has stood behind the veil of bankruptcy protection as it cut salaries and dumped its employee pension plan.

But, as is the case with other financially-struggling airlines, emerging from bankruptcy court doesn't guarantee success. The entire industry remains dogged by rising fuel costs and downward pressure on fares from low-cost carriers.

FMI: www.united.com

Advertisement

More News

ANN's Daily Aero-Term (04.26.24): DETRESFA (Distress Phrase)

DETRESFA (Distress Phrase) The code word used to designate an emergency phase wherein there is reasonable certainty that an aircraft and its occupants are threatened by grave and i>[...]

ANN's Daily Aero-Linx (04.26.24)

Aero Linx: The International Association of Missionary Aviation (IAMA) The International Association of Missionary Aviation (IAMA) is comprised of Mission organizations, flight sch>[...]

Airborne 04.22.24: Rotor X Worsens, Airport Fees 4 FNB?, USMC Drone Pilot

Also: EP Systems' Battery, Boeing SAF, Repeat TBM 960 Order, Japan Coast Guard H225 Buy Despite nearly 100 complaints totaling millions of dollars of potential fraud, combined with>[...]

Airborne 04.24.24: INTEGRAL E, Elixir USA, M700 RVSM

Also: Viasat-uAvionix, UL94 Fuel Investigation, AF Materiel Command, NTSB Safety Alert Norges Luftsportforbund chose Aura Aero's little 2-seater in electric trim for their next gli>[...]

Airborne-NextGen 04.23.24: UAVOS UVH 170, magni650 Engine, World eVTOL Directory

Also: Moya Delivery Drone, USMC Drone Pilot, Inversion RAY Reentry Vehicle, RapidFlight UAVOS has recently achieved a significant milestone in public safety and emergency services >[...]

blog comments powered by Disqus



Change Display

Headlines Only | Headlines w/ Teasers | View Everything

Advertisement

Top Videos

Airborne 04.29.24: EAA B-25 Rides, Textron 2024, G700 Deliveries

Airborne 04.26.24: Beta Alia 250, SPEEA v Boeing, Anti-Av Climate Attacks

Airborne-Flight Training 04.25.24: eDA40 Progress, LIFT-Tuskegee, U of OK

See All

Advertisement

Podcasts

Advertisement

© 2007 - 2024 Web Development & Design by Pauli Systems, LC