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United see $2.1 billion loss

Video Credit: Reuters Studio - Duration: 01:04s - Published
United see $2.1 billion loss

United see $2.1 billion loss

United Airlines said Monday it expects to report a pre-tax loss of about $2.1 billion for the first quarter.

As Fred Katayama reports, the coronavirus pandemic smothered its growth aspirations in Latin America and led the company to seek another $4.5 billion in government aid.

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United Airlines warned Monday that it'll likely report a $2.1 billion quarterly pretax loss.

The worldwide health crisis has eviscerated global demand for travel.

United is taking over $1 billion in special charges, mainly from losses in Latin America.

It had partnered with Colombian firm on a carrier, Avianca, which hasn’t been flying since late March amid shutdowns in two main hubs.

United also wrote down investments in a Brazilian airline and took a $50 million impairment charge on its routes to China.

The carrier disclosed Monday it plans to borrow as much as $4.5 billion from the Treasury Department.

That would be in addition to the $5 billion it's set to get from a separate government payroll support package.

Like that payroll aid, the loan terms allow the feds to purchase United shares at a set price, meant to give taxpayers the chance to profit if the airline bounces back.

United shares dropped more than 3% Monday morning.



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