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.
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
France prepares for a massive strike across all transports on September 18
Turkish tourism stalls due to soaring prices for accommodation and food
CCS Insight: eSIMs ready to take the travel world by storm
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt