Manufacturing Industry
Wellington to invest in US Airways-America West merger
Airline Industry Information, May 31, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Investment adviser Wellington Management Co is to invest in the merger of US Airways Group and America West Holdings Corp, US Airways has said in a court filing.
Wellington's USD150m investment will increase to USD500m the amount of equity raised from five investors to help complete the merger and bring US Airways out of bankruptcy.
Unlike the other investors, Eastshore Holdings LLC, Par Capital Management Inc, ACE Aviation Holdings Inc and Peninsula Investment Partners LP, Wellington will not designate a director on the merged airline's board and will not be entitled to a breakup fee if it is displaced by another investor, reported The Associated Press.
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