Manufacturing Industry
US Bankruptcy judge approves US Airways restructuring plan
Airline Industry Information, March 19, 2003
AIRLINE INDUSTRY INFORMATION-(C)1997-2003 M2 COMMUNICATIONS LTD
A US Bankruptcy judge has reportedly approved US Airways' plan to emerge from bankruptcy by the end of March 2003.
US Bankruptcy Judge Stephen Mitchell approved the plan yesterday (18 March), however the airline is still required to reach an agreement with its pilots on a new pension plan in order to meet conditions for a USD900m government loan guarantee to underpin USD1bn of private financing.
The airline - which filed for Chapter 11 bankruptcy protection on 11 August 2002 - is expected to receive USD1.24bn in financing once it emerges from bankruptcy.
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