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Northwest Pays Off $983.7M Pre-Bankruptcy Loan

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...
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