David Zalubowski Associated Press
The global pandemic has severely weakened air carriers, including the american company Southwest Airlines.
The major u.s. airlines, hit hard by the pandemic, will be able to benefit from sizeable financial loans in exchange for a counterparty for the taxpayer, announced on Tuesday that the u.s. Treasury, by publishing the list of latest arrivals.
“We welcome the nouvellequ’Alaska Airlines, Delta Air Lines,JetBlue Airways, United Airlines and Southwest Airlines have also signed letters of intent,” responded the secretary of the Treasury Steven Mnuchin in a statement. “Last week, the Treasury department announced that American Airlines, Frontier Airlines, Hawaiian Airlines, SkyWest Airlines and Spirit Airlines have signed letters of intent specifying the conditions in which the Treasury is willing to grant loans under the law CARES “, he recalled.
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The government has planned to lend a total of $ 25 billion to the companies of air transport in the framework of the gigantic stimulus package of 2200 billion, adopted at the end of march by the United States to support the economy. But the airlines were reluctant to accept this financial assistance for fear of counterparties draconian.
“The major u.s. airlines play a vital role in our economy and are essential to travel and commerce on the national and international level “, commented Mr. Mnuchin. He adds that these companies are among those that have been hardest hit by the economic disruption caused by the pandemic.
The government of Donald Trump has not given details on the amounts of the loans or the exact terms of the agreement. He has only stated that it required the borrowers to provide rights to purchase shares, of capital shares or financial instruments ” as appropriate compensation for the taxpayers “.
Borrowers must also agree to abide by certain conditions, such as maintaining a certain level of employment and of the ceilings on the remuneration of employees, the payment of dividends and share repurchases.
These loans are in addition to another € 25 billion paid by the government in exchange for the commitment of the airlines to do not delete jobs until 30 September.
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