Fitch: United Ruling Could Imperil Special Facility Bonds

Sanchez, Humberto
May 2003
Bond Buyer;5/29/2003, Vol. 344 Issue 31645, p5
Trade Publication
The credit quality of airport special facilities revenue bonds could be dealt a blow if a bankruptcy judge in Chicago grants United Airlines Inc.'s request to reclassify some of the debt as unsecured, Fitch Ratings Inc.'s analysts said on May 28, 2003. United Airlines, which filed for bankruptcy protection in December 2002, asked the U.S. Bankruptcy Court in the Northern District of Illinois to reclassify its agreements that govern special-facilities revenue bond issues at John F. Kennedy International Airport, Denver International Airport, Los Angeles International Airport, and San Francisco International Airport. The analysts will also be watching events at Pittsburgh International Airport after U.S. Airways rejected its existing leases at the airport shortly before emerging from bankruptcy in March 2003.


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