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Apollo Buys Part of United Airlines Loan Banks Wanted to Shed

  • PE giant has been in discussions to buy other short-term loans
  • Banks face requests from dozens of companies seeking liquidity
Updated on

Apollo Global Management Inc. has bought a chunk of a loan arranged by a group of banks that will help United Airlines Holdings Inc. boost liquidity as the fast-spreading coronavirus wreaks havoc across the travel industry, according to people familiar with the matter.

The $2 billion one-year loan, which closed last week, is among those that banks have been asked to arrange to help companies in industries from cruise lines to casinos cope with travel and business disruptions that could last for months as a result of the Covid-19 outbreak. American Airlines Group Inc., JetBlue Airways Corp. and SouthWest Airlines Co. recently entered into similar facilities.