Manufacturing Industry
US Airways fails to pay public debt instruments for five Airbus aircraft
Airline Industry Information, Feb 21, 2003
AIRLINE INDUSTRY INFORMATION-(C)1997-2003 M2 COMMUNICATIONS LTD
US Airways failed to pay USD19.7m of public debt instruments related to five Airbus A330 aircraft yesterday (20 February).
The carrier has revealed that it is in talks with "certain interested parties" and predicts that it will reach an agreement within the allowed 10-day cure period. US Airways is also holding discussions with the provider of its debtor-in-possession financing, the Retirement Systems of Alabama, on conditions required to draw the final USD200m of available financing.
Meanwhile, the airline is seeking court approval to replace its pilots' pension plan with another plan which would see the airline contributing USD850m over a seven-year period.
The airline must rectify its pension issues in order to obtain a conditionally approved USD900m of a USD1bn refinancing package from the Air Transportation Stabilization Board.
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