NYTimes.com Article: United Can Meet Loan Conditions

[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

 



This article from NYTimes.com
has been sent to you by psa188@xxxxxxxxx



United Can Meet Loan Conditions

March 26, 2003





UAL, the parent company of United Airlines, said yesterday
in a court filing that it had met the first cash-flow
condition imposed on it by its main lenders.

Four lenders - Citigroup, J. P. Morgan Chase, Bank One and
the CIT Group - agreed in December to give UAL $1.5 billion
in what is known as debtor-in-possession financing, so that
the airline could keep operating under bankruptcy
protection.

Though UAL had immediate access to $700 million of the
financing, the lenders said UAL would have to meet certain
cash-flow projections so that it could continue to have
access to the rest of the money.

The filing by UAL yesterday indicated that the first of
those projections had been met, based on the airline's
earnings from December 2002 to last month. The filing
detailed United's operating results in February.

Joe Hopkins, a company spokesman, said United would make a
formal announcement today with more details on the first
covenant imposed by the lenders.

http://www.nytimes.com/2003/03/26/business/26AIR.html?ex=1049688847&ei=1&en=59c1c5d04935a713



HOW TO ADVERTISE
---------------------------------
For information on advertising in e-mail newsletters
or other creative advertising opportunities with The
New York Times on the Web, please contact
onlinesales@xxxxxxxxxxx or visit our online media
kit at http://www.nytimes.com/adinfo

For general information about NYTimes.com, write to
help@xxxxxxxxxxxx

Copyright 2003 The New York Times Company

[Index of Archives]         [NTSB]     [NASA KSC]     [Yosemite]     [Steve's Art]     [Deep Creek Hot Springs]     [NTSB]     [STB]     [Share Photos]     [Yosemite Campsites]