UAL Corporation announced that with the approval of its lenders it has amended its existing $1.5 billion Amended and Restated Revolving Credit, Term Loan and Guaranty Agreement dated as of February 2, 2007 with JPMorgan Chase Bank, N.A., Citicorp USA, Inc., J.P. Morgan Securities Inc., Citigroup Global Markets, Inc., Credit Suisse Securities (USA) LLC and the other lenders party thereto (“Credit Facility”).
“This amendment gives us the flexibility to implement the significant actions we are taking to combat higher fuel costs including reducing capacity, creating new streams of revenue and lowering our costs,” said Jake Brace, executive vice president and CFO. “We are comfortable with our liquidity and are well positioned relative to peers with $2.9 billion in unrestricted cash and $3.0 billion in unencumbered assets.”
