Andreas
Topic Author
Posts: 5880
Joined: Tue Oct 09, 2001 7:56 pm

LH-Group/AC To Help UA And Varig Financially

Mon Nov 25, 2002 10:15 pm

For those who are able to read German:
http://www.ftd.de/ub/di/1037978721007.html?nv=5wn

CEO Weber told FTD Germany that he and Robert Milton, CEO of AC, are willing to help UA with a loan of approx. USD 200mn., in the case of Varig no amount was mentioned. As indicated earlier, at least LH is not willing to buy shares in UA.
Furthermore LH and UA negotiated a much more intensive cooperation on the transatlantic routes (whatever that means), that will bring UA an additional USD 90mn. turnover per year.
The loan will be granted by LH and AC directly and not via Star Alliance.
Another quote from CEO Weber during a meeting of Star Alliance CEOs in Rio de Janeiro: If shareholder value would have been the only thing I apply managing LH, UA would have gone bankrupt years ago.
Interesting...
I know it's only VfB but I like it!
 
Air_Chick_757
Posts: 175
Joined: Wed May 19, 1999 2:23 am

RE: LH-Group/AC To Help UA And Varig Financially

Mon Nov 25, 2002 10:38 pm

I don´t know if this was mentioned yet, but Varig´s president resigned last night.
 
Andreas
Topic Author
Posts: 5880
Joined: Tue Oct 09, 2001 7:56 pm

RE: LH-Group/AC To Help UA And Varig Financially

Mon Nov 25, 2002 10:51 pm

Currently UA seems to be the main case, as, if I understand correctly, Varig still needs to negotiate a financial restructuring with all its stakeholders. Only then a loan would be granted. In the case of UA cash should flow rather promptly.
Thanx!

Regards

Andreas
I know it's only VfB but I like it!

Who is online