Manufacturing Industry
United to get new agreement on Chicago Airport debt
Airline Industry Information, Dec 31, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
A new settlement agreement that would cut United Airlines' obligation on USD600m of Chicago O'Hare Airport debt by 75% is expected to be approved by a bankruptcy court judge in February, according to attorneys.
Attorneys for the airline, bondholders and the city of Chicago agreed on wording for the deal in US Bankruptcy Court on Wednesday (29 December). The deal is now to be reviewed by bondholders before the judge takes it up for approval on 15 February.
Under the terms of the agreement, United would not have to pay off about USD450m of special facilities revenue bonds sold by O'Hare Airport to finance projects for the airline, reported Reuters.
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