American Airlines Seeks Court Order to Restructure Financing
OCT 11, 2012 - 7:05 am
American Airlines, its parent company, AMR Corporation and certain of AMR’s other subsidiaries filed a motion with the U.S. Bankruptcy Court for the Southern District of New York requesting entry of an order authorizing American to, among other things:
(i) obtain postpetition financing in an amount of up to $1.5 billion secured on a first priority basis by, among other things, up to 41 Boeing 737-823 aircraft, 14 Boeing 757-223 aircraft, one Boeing 767-323ER aircraft and 19 Boeing 777-223ER aircraft as part of a new enhanced equipment trust certificate financing, and
(ii) use cash on hand (including proceeds of the New EETC) to indefeasibly repay the existing prepetition obligations secured by the aircraft, as applicable, which are currently financed through, as the case may be, an EETC financing entered into by American in July 2009, a secured notes financing entered into by American in July 2009 and an EETC financing entered into by American in October 2011, in each case without the payment of any make-whole amount or other premium or prepayment penalty.
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