Business Services Industry
US Airways Out of Bankruptcy Protection.
Knight Ridder/Tribune Business News, April, 2003
By Ted Reed, The Charlotte Observer, N.C. Knight Ridder/Tribune Business News
Apr. 1--US Airways emerged from bankruptcy protection Monday with an improved credit outlook, more than $1 billion in cash, $1.9 billion in annual cost savings -- and another place to seek cost cuts.
The airline disclosed Monday that it is negotiating for lower lease costs at Pittsburgh International Airport, its second largest hub, and said it will reject its leases there if it doesn't have a new deal by Jan. 5, 2004. At that point, it could choose to sharply reduce flying at Pittsburgh.
US Airways intends to reduce its costs at the airport, where it plans to use more regional jets, and at other Allegheny County facilities including a maintenance base, said...
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