Law360 (August 25, 2006, 12:00 AM EDT) -- Bankrupt carrier Northwest Airlines Corp. has used a huge refinancing package to come clean on nearly $1 billion in debt that it racked up before its bankruptcy, according to a filing with the U.S. Securities and Exchange Commission.
The payment, made on August 21, was funded by term loans from Citicorp USA Inc., a unit of Citigroup Inc. It wiped clean $983.7 million in principal and interest on loans from JPMorgan Chase Bank just prior to Northwest’s September bankruptcy.
Citigroup was joined by other lenders when...
Northwest Pays Off $983.7M Pre-Bankruptcy Loan
To view the full article, register now.
Try Law360 FREE for seven days
Already a subscriber? Click here to login
