Getting your player ready...
United Airlines announced that it restructured the $3 billion in debt financing it secured in 2005 to prepare to get out of bankruptcy, paying down $972 million of it and refinancing the rest.
The move lowers the company’s interest costs and releases about $2.5 billion of collateral including 101 airplanes and United’s spare parts inventory, the company said. United could use those assets to secure new financing. United’s chief executive Glenn Tilton has been promoting consolidation in the airline industry.
J.P. Morgan Securities Inc. and Citigroup Global Markets were lead arrangers of the financing.
