[A href=http://biz.yahoo.com/djus/021226/1037000173_1.html]http://biz.yahoo.com/djus/021226/1037000173_1.html[/A][BR][BR]A creditor with $9 billion at stake is filing an objection...unless I''m overestimating this creditor''s influence on the bankruptcy process, it sounds like it may already be too late for the ATSB loan and concessions to make any difference in avoiding Chapter 7 liquidation.[BR][BR]Good luck, UAL.[BR]
Creditors Oppose Final OK For United Airlines'' DIP Loans
- Thread starter Diversion
- Start date
Cosmo
Veteran
- Aug 20, 2002
- 840
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I think you're being overly dramatic. I would guess that this is just a way of getting United's attention to compel them to provide the DIP loan terms. After all, United's "dirty laundry" now gets shown in public as part of the bankruptcy process. But IMHO I don't think the bank as trustee or the actual owners of the approximately 300 aircraft in question really want to accelerate those planes' trips to the desert with the resulting loss of the current (or even a reduced) payment stream.
Lets see:
State Street - Fiduciary for the ESOP.
State Street - Holding $9 Billion in aircraft loans.
Skunk in the wood pile?
"Dow Jones Business News
Creditors Oppose Final OK For United Airlines' DIP
Loans
Thursday December 26, 10:37 am ET
WASHINGTON (Dow Jones)--A number of parties earlier this week objected to final approval of
the $1.5 billion debtor-in-possession financing agreement for UAL Corp.'s United Airlines.
State Street Bank and Trust Co., an indenture trustee or owner trustee under about 300
separate aircraft financing transactions that represent nearly $9 billion in obligations, filed an
objection Monday that said United Airlines had yet to make available to the bank any drafts or
a final version of the revolving credit and term-loan guarantee agreement.
The U.S. Bankruptcy Court in Chicago is scheduled to consider final approval of the DIP
financing at a hearing next Monday.
-Nicholas P. Braude, Dow Jones Newswires; 202-628-7686; nicholas.braude@ dowjones.com
Dow Jones Newswires
12-26-02 1037ET"
State Street - Fiduciary for the ESOP.
State Street - Holding $9 Billion in aircraft loans.
Skunk in the wood pile?
"Dow Jones Business News
Creditors Oppose Final OK For United Airlines' DIP
Loans
Thursday December 26, 10:37 am ET
WASHINGTON (Dow Jones)--A number of parties earlier this week objected to final approval of
the $1.5 billion debtor-in-possession financing agreement for UAL Corp.'s United Airlines.
State Street Bank and Trust Co., an indenture trustee or owner trustee under about 300
separate aircraft financing transactions that represent nearly $9 billion in obligations, filed an
objection Monday that said United Airlines had yet to make available to the bank any drafts or
a final version of the revolving credit and term-loan guarantee agreement.
The U.S. Bankruptcy Court in Chicago is scheduled to consider final approval of the DIP
financing at a hearing next Monday.
-Nicholas P. Braude, Dow Jones Newswires; 202-628-7686; nicholas.braude@ dowjones.com
Dow Jones Newswires
12-26-02 1037ET"
