US - United Continental will have to make the first of eight $62.5m payments to the Pension Benefit Guaranty Corporation, which stem from United Airlines' bankruptcy protection deal, by 14 February.
United, which emerged from bankruptcy in 2006, terminated its pensions in 2005 and handed them over to the PBGC.
It agreement with the PBGC states the firm had to repay $500m to the country's pension safety net if certain financial hurdles were met post bankruptcy. In a statement on its website yesterday, United Continental said that threshold was met on June 30 2011.
The company will have to issue to the PBGC 8% contingent senior notes worth $500m. The payment will be issued in eight equal tranches of $62.5m.
United and Continental merged in September of last year.
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