Judge Orders United to Pay Interest on Bonds
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UAL Corp.’s United Airlines, which is trying to reduce costs to exit bankruptcy protection, must pay interest on about $155 million of San Francisco airport bonds to keep its lease, a judge said.
United has missed interest payments on the tax-exempt bonds, which were used for improvements at San Francisco airport facilities leased by the company. The ruling by a U.S. district judge in Chicago may help investors who own the debt, which trades for about 42 cents on the dollar.
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* Continental Airlines Inc. said it would seek $500 million more in pay and benefit cuts to help survive losses of $665 million since the end of 2000.
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