Business Services Industry
US Airways to File for Bankruptcy Protection if It Can't Secure Loans.
Knight Ridder/Tribune Business News, May, 2002
The Charlotte Observer, N.C. Knight Ridder/Tribune Business News
May 11--US Airways said Friday it will likely file for bankruptcy protection if it fails to secure federally backed loans. The strategy signals the troubled airline's readiness to seek cost reductions from employees, suppliers and lenders.
US Airways revealed its intentions Friday in regulatory filing and in a letter to employees from David Siegel, who took over as president and CEO two months ago.
In the letter, Siegel said US Airways wants to reach accords with stakeholders as he develops a new business plan, and to secure federal backing. But if the efforts fail, he said, the airline could file for bankruptcy protection, allowing it to continue flying while it reorganized....
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