Manufacturing Industry
United Airlines receives approval for loan increase and maturity extension
Airline Industry Information, July 18, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
United Airlines has received approval from a federal bankruptcy judge for boosting its debtor-in-possession financing and to extend the maturity date of the loan to 30 December with an option to extend it to 31 March 2006.
The airline has said that it received approval to increase loans by USD310m to a total of USD1.3bn and that it needs the money to create a stable environment for restructuring.
United Airlines, which has been in bankruptcy protection since December 2002, plans to emerge from the protection this autumn, Reuters reported.
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