Business Services Industry
US Airways Seeks Chapter 11 Bankruptcy Protection.
Knight Ridder/Tribune Business News, August, 2002
By Scott S. Greenberger, The Boston Globe Knight Ridder/Tribune Business News
Aug. 12--Buffeted by the economic slowdown and the fallout from Sept. 11, US Airways last evening filed for bankruptcy protection under Chapter 11.
Following the terrorist attacks, the airline industry is facing its most dramatic period of upheaval since deregulation 24 years ago. Despite $5 billion in government grants to the industry since last fall, four major airlines -- including US Airways -- and 12 smaller ones have applied for hundreds of millions of dollars in federal loan guarantees. Arlington, Va.-based US Airways, which carried 56 million passengers last year, is the first major carrier to declare bankruptcy since the attacks.
The airline, which is the...
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