Trustees on United Debt Ask Court to Free Up Reserve Funds

Shields, Yvette
May 2003
Bond Buyer;5/15/2003, Vol. 344 Issue 31636, p6
Trade Publication
Trustees on three United Airlines Inc.-backed special facilities revenue bond issues have requested a federal bankruptcy court judge to release various reserve funds to cover missed debt service payments. SunTrust Corp., trustee on 103 million dollar of special facilities revenue bonds issued by Chicago on United Airlines Inc.'s behalf in 2001, wants relief from the automatic stay for bankruptcy protection filed in December 2002. Hongkong Shanghai Banking Corp., trustee on a separate 100 million dollar series that was part of the same 2001 Chicago O' Hare International Airport deal, wants to use a 1.4 million dollar capitalized fund to pay part of an interest payment of 3.2 million dollar that was also due on May 1, 2003.


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