Manufacturing Industry
US Airways receives federal loan guarantee following emergence from bankruptcy protection
Airline Industry Information, April 1, 2003
AIRLINE INDUSTRY INFORMATION-(C)1997-2003 M2 COMMUNICATIONS LTD
US Airways successfully emerged from Chapter 11 bankruptcy protection yesterday (31 March).
Following the emergence, the Air Transportation Stabilisation Board (ATSB) has issued the airline with a USD900m federal loan guarantee. The guarantee is for a private loan package of USD1bn. The carrier will also receive USD240m from the Retirement Systems of Alabama in return for a 37% stake in the airline.
US Airways, which filed for bankruptcy in August 2002, now has 36% fewer employees, 30% fewer available seats and 25% fewer flights, as well as a reduction in annual costs of USD1.9bn.
((Comments on this story may be sent to aii.feedback@m2.com))
Most Recent Business Articles
- Multiple criteria evaluation and optimization of transportation systems
- Multi-criteria analysis procedure for sustainable mobility evaluation in urban areas
- A two-leveled multi-objective symbiotic evolutionary algorithm for the hub and spoke location problem
- Multi-criteria analysis for evaluating the impacts of intelligent speed adaptation
- The development of Taiwan arterial traffic-adaptive signal control system and its field test: a Taiwan experience
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- Design a commission plan that drives sales - Sales Commissions
- Too Young to Rent a Car? - 25-years-old the minimum age for car renting - Brief Article
- LIFO vs. FIFO: a return to the basics
Most Popular Business Publications
Content provided in partnership with
