Delta announced that it will borrow $6.5 billion in a new debt deal backed by its frequent flyer program, SkyMiles, rather than seek a government loan by theothersarahh
Monday that it will borrow $6.5 billion in a new debt deal backed by its frequent flyer program, SkyMiles, rather than seek a government loan. ... [+]The SkyMiles program will lend the proceeds of the new debt offering to Delta, with a portion of those proceeds being deposited into a reserve account.
Delta said it intends to use the loan money for “general corporate purposes” and to shore up its liquidity. Wall Street JournalDelta isn’t the only airline with a cashflow problem: competitors American and United have also announced plans to draw down new loans backed by their own loyalty programs. Under the CARES Act in March, the Trump administration agreed to a $25 billion bailout program for airlines that had seen business come to a standstill as a result of the pandemic.
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