Seven Airlines Snag U.S. Treasury Loans
The U.S. Treasury has finalized loans to seven airlines and called on Congress to authorize additional funding for the industry to prevent massive job cuts.
In a statement on Tuesday, the department announced loans for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), SkyWest (NASDAQ: SKYW), and Frontier Airlines. The loans were part of a $25 billion package authorized earlier this year under the CARES Act.
Individual amounts were not disclosed, but American said last week it had finalized a $5.5 billion loan and could raise it to $7.5 billion if the money is not allocated elsewhere. Other airlines, including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL), have said they do not intend to borrow under the plan.
Source Fool.com
