Eastern Airlines' lead lenders yesterday recommended to all other creditors that the airline be taken out of technical default on $2.5 billion in debts after reviewing labor agreements reached last week, an airline spokesman said.
Richard McGraw, vice president of corporate communications, said he was confident those creditors would follow the recommendations made by Chase Manhattan Bank, Citibank, Equitable Life Assurance Society of America and Prudential Life Insurance Cos. of America. He said it would take about two weeks before all of the 60 lenders make a final decision on whether to accept Eastern's 1985 profit-making plan and reinstate waivers on loans or lease agreements.
In other business yesterday, Eastern announced it planned to start an overnight freight program that will allow the airline to offer low passenger fares on coast-to-coast connections through Houston.
Eastern will be starting the service with seven wide-bodied A300 jets whose cargo bellies will be used for overnight freight deliveries in conjunction with CF AirFreight, a freight-forwarding subsidiary of Consolidated Freightways Inc. of Palo Alto, Calif. Eastern declined to say what the new rates might be. But it said the new service, scheduled to begin April 1, will provide overnight freight delivery via Houston to and from Seattle, Portland, San Francisco, Los Angeles, Chicago, Atlanta, Philadelphia, Boston and the Newark-New York area.