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Article: United Airlines Seeks $1.6 Billion Loan Guarantee.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- December 19, 2003
CopyrightCOPYRIGHT 2003 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Melissa Allison, Chicago Tribune Knight Ridder/Tribune Business News
Dec. 19--United Airlines is again asking for a massive loan guarantee, a year after the government told the carrier its business plan was too weak to sign off on.
Approval would help clear the way for the carrier to emerge from bankruptcy, which it hopes to do by the middle of 2004.
United's application asks the government to guarantee $1.6 billion, or 80 percent, of $2 billion in financing the airline has arranged with J.P. Morgan Chase & Co. and Citigroup Inc.
The overall loan package is $200 million less than United requested a year ago under the ...