Airlines want U.S. Treasury to scrap proposal to make some grant money repayable [Yahoo! Finance News]
American Airlines Group, Inc. (AAL)
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Source: Yahoo! Finance News
By David Shepardson and Tracy RucinskiWASHINGTON/CHICAGO, April 11 Reuters) - Major U.S. airlines were urging Treasury officials and the federal government's outside advisers on Saturday to scrap or revise a proposal that would make part of the $25 billion earmarked by Congress to help keep workers on the payroll repayable in the form of low-cost loans.Treasury Secretary Steven Mnuchin told the airlines on Friday the government would require them to repay 30% of the grants in low-cost loans over 10 years -- with the first five years at 1% interest -- before the interest rate would rise. The government is also seeking warrants equal to 10% of the loan amount.U.S. airlines have idled more than 2,200 airplanes, a third of the fleet, canceled hundreds of thousands of flights and sought to shore up their balance sheets as travel demand has fallen by about 95% because of the coronavirus pandemic.Airlines, in calls with U.S. Treasury officials and the government's outside advisers, were maki
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Sec Filings
- 7/25/24 - Form 10-Q
- 7/25/24 - Form 8-K
- 7/15/24 - Form 4
- AAL's page on the SEC website