Treasury Nets $556.7M from Airline COVID-19 Warrants Auction
The U.S. Treasury Department has received $556.7 million from auctions of warrants in 11 major U.S. airlines. These warrants were part of $54 billion COVID-19 air carrier bailouts approved by Congress. Major airlines involved include American, Delta, United, and Southwest. The warrants expire between April 2025 and June 2026.
![Treasury Nets $556.7M from Airline COVID-19 Warrants Auction](https://devdiscourse.blob.core.windows.net/aiimagegallery/21_06_2024_20_17_05_2760788.png)
The U.S. Treasury Department said Friday it received $556.7 million in proceeding from auctions to sell warrants in 11 major U.S. airlines the government received in exchange for COVID-19 assistance.
Congress approved $54 billion in COVID-19 air carrier bailouts in 2020 and 2021. Airlines were required to repay $14 billion of that total and Treasury received warrants to purchase stock at the share price of the time of the awards. Treasury had set revised minimum prices for the warrants of $458 million in total.
American Airlines received $12.6 billion in government assistance, followed by Delta Air Lines $11.9 billion, United Airlines $10.9 billion, and Southwest Airlines at $7.2 billion. Seven other airlines received smaller awards, including $2.2 billion for Alaska Airlines.
The warrants expire between April 2025 and June 2026.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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