Who: More than 400 air carriers; loan guarantees for six airlines. What: $5B in cash grants to cover losses after the September 11 attacks, plus up to $10B in federal loan guarantees run by the Air Transportation Stabilization Board.
$15.0B
committed or authorized
$4.60B
paid out
$300M
recovered (repayments, dividends, fees)
$4.30B
net cost (grants, less guarantee gains)
Outcome
Closed 2006. About $1.6B of loans were guaranteed; the government sold its warrants at a profit and lost about $20M, on ATA.
Legal authority: Air Transportation Safety and System Stabilization Act (P.L. 107-42).
Who got it: Largest cash grants (airline annual reports)
American$866M
United$782M
Delta$668M
Northwest$461M
Continental$417M
US Airways$317M
Southwest$283M
Loan guarantees (share of loan guaranteed)
US Airways$900M
America West$380M
ATA$148M
Frontier$63M
Aloha$41M
World Airways$27M
Worth knowing
Estimates of the total guaranteed differ by source ($1.18B to $1.63B). Warrants in US Airways and America West sold for $112M, Frontier's for $6.6M.