United Airlines is mortgaging its Mileage Plus frequent flyer program in its latest effort to raise the cash it needs to weather the Covid-19 crisis
The term loan will come from Goldman Sachs , Barclays and Morgan Stanley , and it will take seven years to repay. The interest rate was not disclosed. United says between this and an additional $4.5 billion in federal loans for which it expects to be eligible, it estimates it will have $17 billion in cash on hand by the end of September, roughly three times the normal cash it carries.
Flight attendants pass out sanitizing wipes, and passengers, who are requested to wear masks, board from the rear of the plane to the front to limit contact among them. There's more behind the scenes. Employees are checked for fevers when they start a shift. Common surfaces like seats and tray tables are wiped down. The entire aircraft is sprayed to disinfect it — a process that takes about 10 minutes for a 787 jet.
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