US airline bailout provides loans and cash-for-equity help
Friday, 27 Mar 2020
The legislation, that the Senate passed Wednesday that is late night features a US$61bil lifeline for struggling US air companies, cargo providers and contractors, with about 50 % in loans and half in money help to guide salaries, benefits as well as other employee expenses, in accordance with the bill text.
TORONTO: Struggling United States air companies should be qualified to get federal loans and, if they’re happy to supply the federal federal government a choice for an ownership stake, direct cash help underneath the coronavirus rescue deal reached by lawmakers as well as the White home.
The legislation, that the Senate passed late Wednesday night, carries a US$61bil lifeline for struggling US air companies, cargo providers and contractors, with approximately half in loans and half in money help to aid salaries, advantages as well as other worker costs, in accordance with the bill text.
Treasury Secretary Steven Mnuchin could be empowered to need equity or any other securities in substitution for the money support to help keep employees in the work, along with other limitations would use, including a limitation on reducing payrolls as well as on executive pay, relating to draft text.
Passenger providers qualify for as much as US$25bil in payroll help funds and cargo haulers US$4bil, having an amount that is like of. Flight contractors supplying ground staff such as for example caterers will be entitled to US$3bil in work help funds. (more…)
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