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Tue, Mar 25, 2003

US Airways, Still Slipping, Looks to March 31

Missing Payments, Still Plans to Emerge From Chapter 11

Although the obvious questions is, "Why?" US Airways is declaring that it's still on track to emerge from Chapter 11 next week.

Last Thursday, some $27 million due -- on over a dozen of the airline's Airbus airliners -- was skipped, as it didn't send a check to Retirement Systems of Alabama, the largest bidder in the airline's emergence plan. RSA, though, has already loaned the failed airline $369 million, and would stand to lose a bunch of that, too, if it calls its notes, as it could, within five business days of Thursday's default.

The airline also missed payments February 20 and March 7, to RSA, for nearly $70 million; there is obviously an "arrangement" in place, or RSA's investors would be screaming bloody murder...

FMI: www.usairways.com

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