NEW YORK (Reuters) - American Airlines (AAMRQA.UL) is seeking to reprice its $1.9 billion exit financing loan via lead arranger Deutsche Bank, sources told Thomson Reuters LPC. The company aims to reprice the loan to a spread of LIB+300-325, with a 1 percent Libor floor.
Have to wonder how many millions of dollars in up front fees went to buy a loan that AA doesnt need? Then the bank also collects interest on top of that. Then the carrier will redo the loan again once outside of BK, pay another couple of million in fees and claim they saved money because now the loan was set at lower rates outside of BK. End result is millions of dollars dissapear. This would reduce our profit sharing as well.
Want to see why despite soaring revenues and deep concessions from workers that the industry struggles, its going to the banks, not just the oil companies.
They funnel millions of dollars to the banks then tell us they cant afford to give us as much Vaction as everyone else, cant afford to give us a pension or retiree medical, comparable wages or even Health Benefits then we get some of own that actually believe them!!!
"I have a $500 million war chest, I'm not concerned about the pilots", Crandall, 1997. Now companies go into BK with $5billion in cash, come out with $7 billion and claim to need to have to borrow $2 billion more to get out.
Everybody gets a peice of what they take from the workers, spreading the wealth between the wealthy is all it is.
