Business Services Industry
US Airways Files for Chapter 11 Bankruptcy Protection.
Knight Ridder/Tribune Business News, August, 2002
By Frank Reeves, Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Aug. 12--US Airways filed for bankruptcy protection yesterday, seeking to stave off lenders and aircraft lessors and buy time to implement a survival plan it has been working on furiously since spring.
The airline said its decision to file for Chapter 11 will have no immediate effect on its 35,000 employees, the thousands of people who fly on Pittsburgh's dominant carrier or the dozens of vendors who supply the airline with everything from food to jet fuel. It said the filing, made in the Eastern District of Virginia, was made necessary by aircraft lessors who were unwilling to budge on concessions.
In filing for Chapter 11, US Airways follows the well-trodden...
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