The Los Angeles World Airports announced late Monday an agreement with United Airlines and UMB Bank to settle a debt dating from the 1984 Olympics.

The deal covers outstanding bonds with a principal of $59.3 million that were issued to build Terminals 7 and 8 at Los Angeles International Airport to accommodate traffic for the Olympics.

Under terms of the agreement, bondholders will receive $75 million as settlement for all of their claims, which now exceed $94 million.

The $75 million will come from $22 million in a disputed rent escrow account, from the sale of United stock, and from the coffers of Los Angeles World Airports, or LAWA. Depending upon the value of the United stock at the time of sale, LAWA estimates it will pay approximately $49 million.

The settlement is contingent upon approval by the Los Angeles City Council and the U.S. Bankruptcy Court.

UMB Bank of Kansas City, Mo., is involved as a result of United's 2002 bankruptcy, when UMB became trustee for the company's investors.

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