Manufacturing Industry
United Airlines looks to renegotiate aircraft leasing deals
Airline Industry Information, August 3, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Bankrupt United Airlines has announced that it may try to renegotiate the financing deals for its aircraft in an attempt to cut operating costs.
The airline said that unless new arrangements can be struck with the leasing companies or other financiers it has agreed deals with since entering bankruptcy then they may choose to repossess the aircraft which is their right under bankruptcy law.
United Airlines said that it was looking to save around USD900m a year on leasing costs as it struggles to emerge from Chapter 11 protection; however a similar move by American Airlines in 2003 saw the carrier save just USD175m, reports Reuters.
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