United Launches Its Bankruptcy Exit Loan
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From Associated Press
UAL Corp. has launched its bankruptcy exit financing loan of as much as $3 billion, starting the countdown to concluding its three-plus years in bankruptcy.
The United Airlines parent company said it intended to leave bankruptcy “on or about” Feb. 1. A bankruptcy judge must sign off on the exit plan. The loan is to be secured by the airline’s assets and includes a $300-million revolving credit facility and a loan of as much as $2.7 billion.
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