United, which is the US’s second biggest airline, was yesterday struggling to secure £954m ($1.5bn) debtor-in-possession financing so it could continue to operate during Chapter 11 bankruptcy protection.
According to a Financial Times report, United’s financing was endangered when General Electric’s financing unit, thought to be part of the deal, pulled out of talks yesterday afternoon.
Quoting parties involved in the talks, the newspaper said the financing package had been agreed in two parts. The largest was a $1.2bn package from JP Morgan Chase, Citigroup, Bank One, and CIT.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children