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Abstract: 

The recent Bankruptcy Court decision in the United Airlines bankruptcy case regarding the treatment of certain structures under the Bankruptcy Code sent a mixed message to both bondholders and the municipal market in general. This article discusses that decision, what it may mean for holders of the bonds involved, and the potential impact that decision may have on outstanding and future special facility lease-backed bond transactions. These articles are based on the authors’ presentations in the panel on Airport Special Facility Bonds After the United Bankruptcy Decision at the Twenty-First Annual Conference of the National Federation of Municipal Analysts on Kiawah Island, South Carolina, May 5–7, 2004.

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Affiliations:  1: Fitch Ratings; 2: Akerman Senterfitt; 3: Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, PC; 4: O’Melveny & Myers LLP.