Loan

D8, ABSOLUTELY, especially since two of those airlines (FRNT and ATA) hub in UAL two LARGEST markets, and another (AWA) hubs in UAL's largest domestic region.
 
BWIPILOT,

There is a small airport not far from where I live. One can have customs and imigrations to meet a flight with 24 hrs. notice. That does not make it an International airport.
 
"Hmmm, I guess that $1.5 BILLION line of credit (line of credit, not loan since UAL didn't need to tap half of it) was really in "lira"..... UAL is NOT to risky to get a loan, just too risky to get one CHEAPLY, and considering the government subsidized competition against UAL, it's only appropriate that UAL get a loan guarentee also"

That $1.5B LOC is called debtor in possession financing and is the highest priority debt a company holds. In other words, there is little risk to the lenders given that there are minimum cash requirements that allow them to call in the loans using UAL's cash on hand.

Just because someone else has been given something doesn't mean you are entitled to it. Frontier has already repaid its loan. America West has become quite profitable and an even bigger thorn in the network carriers' sides, even though I do think they are the equivalent of airline industry pond scum. ATA may or may not make it but they do have a fairly credible business model. Ultimately, all three of those companies have presented more compelling reasons for the government to invest in them than has United.