UAL to ask lenders for $500 million DIP increase Thursday

By Sara Rosenberg

New York, July 21 - UAL Corp. will hold a conference call on Thursday to ask lenders for a $500 million increase in the size of its debtor-in-possession financing facility, according to a fund manager.

"They want to secure liquidity to get them through until they can emerge from bankruptcy," the fund manager explained.

UAL, an Elk Grove Township, Ill., airline carrier, filed for Chapter 11 on Dec. 9, 2002 and in connection with the filing obtained a $1.2 billion DIP from J.P. Morgan Chase Bank, Citicorp Inc., Bank One and The CIT Group/Business Credit Inc.

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