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AMR gets lender okay to amend loan, waiving and modifying EBITDAR covenant
By Sara Rosenberg
New York, May 14 -AMR Corp. received approvals to amend its credit facility, waiving compliance with the EBITDAR covenants for June 30 through May 31, 2009 and revising the covenant for the periods thereafter (see table), according to an 8-K filed with the Securities and Exchange Commission Wednesday.
The amendment is expected to become effective on May 15.
Citicorp is the administrative agent on the deal.
AMR is a Fort Worth, Texas-based scheduled passenger airline.
Table: EBITDAR Covenant
Period Minimum Ratio
Quarter ending June 30, 2009 0.90:1.00
Two quarters ending Sept. 30, 2009 0.95:1.00
Three quarters ending Dec. 31, 2009 1.00:1.00
Four quarters ending March 31, 2010 1.05:1.00
Four quarters ending June 30, 2010 1.10:1.00
Four quarters ending Sept. 30, 2010 1.15:1.00
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