United Airlines Gets $3B Recovery Plan

Law360, New York (January 9, 2006, 12:00 AM EST) -- United Airlines has secured a six-year, $3 billion credit agreement with J.P. Morgan Chase and Citigroup as part of its plan to emerge from Chapter 11 bankruptcy.

The credit agreement, which is secured with all of the airline’s assets, must still be approved by a bankruptcy court on Jan. 18.

Most of United’s major creditors have approved the plan, according to several reports, and the airline hopes to put an end to its three-year bankruptcy by early February.

A judge has also ruled that United can...
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