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-05.06.24

Airborne-NextGen-04.30.24

 Airborne-Unlimited-05.01.24 Airborne-AffordableFlyers--05.02.24

Airborne-Unlimited-05.03.24

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 (05.09.24): Hold Procedure

Hold Procedure A predetermined maneuver which keeps aircraft within a specified airspace while awaiting further clearance from air traffic control. Also used during ground operatio>[...]

ANN's Daily Aero-Term (05.06.24): Altitude Readout

Altitude Readout An aircraft’s altitude, transmitted via the Mode C transponder feature, that is visually displayed in 100-foot increments on a radar scope having readout cap>[...]

ANN's Daily Aero-Linx (05.06.24)

Aero Linx: European Hang Gliding and Paragliding Union (EHPU) The general aim of the EHPU is to promote and protect hang gliding and paragliding in Europe. In order to achieve this>[...]

Airborne-NextGen 05.07.24: AI-Piloted F-16, AgEagle, 1st 2 WorldView Sats

Also: Skydio Chief, Uncle Sam Sues, Dash 7 magniX, OR UAS Accelerator US Secretary of the Air Force Frank Kendall was given a turn around the patch in the 'X-62A Variable In-flight>[...]

Aero-News: Quote of the Day (05.07.24)

"The need for innovation at speed and scale is greater than ever. The X-62A VISTA is a crucial platform in our efforts to develop, test and integrate AI, as well as to establish AI>[...]

blog comments powered by Disqus



Change Display

Headlines Only | Headlines w/ Teasers | View Everything

Advertisement

Top Videos

Airborne-Flight Training 05.09.24: ERAU at AIAA, LIFT Diamond Buy, Epic A&P

Airborne 05.08.24: Denali Update, Dad-Daughter Gyro, Lake SAIB

Airborne-NextGen 05.07.24: AI-Piloted F-16, AgEagle, 1st 2 WorldView Sats

See All

Advertisement

Podcasts

Advertisement

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