Manufacturing Industry
Alabama pension fund's US Airways investment in limbo
Airline Industry Information, Sept 14, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Teachers and government workers whose pensions are controlled by Retirement Systems of Alabama (RSA) will have to wait to find out the fate of their USD240m stake in US Airways.
The bankrupt carrier's financial future will not be decided upon until late 2004 or early 2005 according to US Airways chairman and RSA chief executive David Bronner.
Bronner has not ruled out the possibility of investing more money from RSA's USD25bn portfolio into the airline's restructuring process. RSA has a 36.2% stake in US Airways and also owns USD109m worth of aircraft that it could lease elsewhere.
Bronner said that he has no worries about paying off the airline's debt if needed, but that it needed to negotiate lower wages within 90 days to stay viable, reported The Associated Press.
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