The charge announced yesterday included $23.9 million for the cost of retiring nearly $300 million in high-interest debt.

The merged company became loaded down with high-interest debt, used to finance the deal.

On 15 November 2011 the airline released poor financial results, indicating that it was "drowning in high-interest debt and losing money".

The profit figures include $7 million, or 2 cents a share, in one-time expenses for early retirement of high-interest debt.

Industry observers said the airline company was trying to take advantage of the strong performance of its stock to pay down high-interest debt.

The intention was to raise almost $400 million, which the company planned to use to eliminate some high-interest debt.

And in a sluggish economy, corporations that are paying off high-interest debt would be on somewhat shakier ground.

He also looks for the bonds of companies that have done well and are likely to pay off their high-interest debt soon.

It will buy back more than $1.8 billion in high-interest debt.

Special charges in the quarter included early retirement of high-interest debt, and losses on foreign currency transactions.