United Gets $3 Billion in New Financing Package

United Airlines arranged for $3 billion in new debt, keeping it on track to exit Chapter 11 bankruptcy protection in February after more than three years of restructuring.

UAL Corp., United's holding company, said the financing package would be led by JPMorgan Chase & Co. and Citigroup Inc. and would have to be repaid after six years.

The financing commitments, first disclosed in August, would enable UAL to pay off a $1.3-billion interim financing loan and would provide post-bankruptcy operating cash.

The Elk Grove Village, Ill.-based company called the terms "very competitive."