United asks for $2billion loan
United Airlines has applied for $2billion in loan guarantees to help the airline recover from the impact of the September 11 terrorist attacks.
If approved, most of the amount – $1.8billion – would come from the Air Transportation Stabilisation Board (ASTB), which the US government set up after the attacks to give financial aid to the country’s struggling airlines.
United Airlines chairman and chief executive Jack Creighton said: “United is the perfect candidate for the ATSB programme. It was created to help carriers weather the liquidity challenges associated with the September 11, 2001 terrorist attacks on our nation. United was both a target and a victim of the attacks.“
He added: “In addition to the human tragedy involved, the events have had a significant impact on our revenues and costs. We’re now burdened by short-term financing needs that are driven by the aftermath of September 11 and aggravated by the weak economic recovery. While we continue to explore financing alternatives, we don’t believe they will be sufficient because our access to the capital markets has been severely restricted.”
United announced last week that its pilots have given tentative agreement to a programme of wage cuts. Management have also agreed to salary reductions as part of plans aimed at cutting total wage costs by $950 million.
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