Sun, Feb 23, 2003
Carrier Hopes To Renegotiate With Airbus
US Airways Group Inc. says it has missed payments due Thursday
on $19.7 million in public debt related to five Airbus A330
aircraft and has started talks with creditors to make new payment
arrangements.
The airline, based in Arlington (VA), expects to
reach an agreement on the payments during a 10-business-day window
allowed for under the payment plan. A spokesman would not say who
holds the debt.
Talks With Investors
US Airways also says it is talking to its lead investor,
Retirement Systems of Alabama, about drawing a final $200 million
out of money RSA made available when it offered
debtor-in-possession financing to the airline, which filed for
Chapter 11 protection from creditors in U.S. Bankruptcy Court in
August.
US Airways says recent discussions centered on a requirement
that it demonstrate to "the reasonable satisfaction of RSA" that it
is likely to satisfy all the conditions for issuance of the Air
Transportation Stabilization Board's $1 billion loan guarantee.
Hoping For The End Of March. But There Are Still
Obstacles...
US Airways, the seventh largest U.S. air carrier, hopes to
emerge from bankruptcy at the end of March. On Jan. 17 a federal
judge permitted US Airways to present its reorganization plan to
its creditors for consideration.
However, the plan could still be changed to accommodate any
concerns raised by the court or its creditors -- who must decide
whether to accept the proposal.
US Airways is scheduled to seek final court approval of its
bankruptcy reorganization plan at a hearing set to begin March 18.
Its five wide-body Airbus A330 planes are part of its mainline
fleet.
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