The loan board does not face any deadline for deciding on United's application.

Both were reasons cited by the loan board in turning down the initial request.

The loan board has shown a past willingness to negotiate, rather than take such drastic action.

And now, the loan board is in the middle.

The loan board would be likely to play a role as well, especially if America West made the highest bid.

Still, the three-member loan board denied its application on a 2-to-0 vote.

That is still the most any airline has sought from the loan board.

He spoke recently about his experience as chairman of the loan board.

The federal loan board comes next, with 11.2 percent.

The pension issue was cited as a reason the loan board rejected United's request last year.