767jetz and coolflyingfool:
I agree with you both.
I thought UAL would get the load because 1. They are UAL and 2. Election year politics.
However, I always thought they should be denied on the basis of not being denied access to capital markets... UAL was never denied access to capital markets, they never tried to use them! Combine with that the following facts:
1. Several airlines have successfully completed debt offerings, including nearly-BK ATA, which took a while, but they got it done. I see Horizon has a debt offering today
2. There is venture capital out there for Virgin America (supposedly).
3. Recent IPO's for Republic Holdings (Chautauqua/Shuttle America/Republic Airways holding company, soon to be part of the UA Express family) and Pinnacle Airways (NW Airlink) suggest there is access to capital markets.
4. Hawaiian Holdings had 13 investor groups looking to bring it out of BK.
5. Previously, TPG had expressed an interest in UAL.
I believe that UAL trying to get an ATSB loan, to emerge from BK, is a clever way of retaining value for current stockholders (where in BK, normally these folks lose their investment). This is the right thing to do for the stockholders, but not necessarily for the American taxpayer.
So, I am surprised by the denial, even though I think its the right thing to do. I think UAL will emerge from BK stronger because of the denial, and I think that UAL will get some financial backing from TPG or a similar type investment. I would think that TPG would have to seriously consider making an offer to the BK court...