07-06-2002, 05:46 PM
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Senior Member
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Join Date: Sep 2001
Location: AUS
Posts: 690
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US Airways May Face New Deadline
US Airways May Face New Deadline
Quote:
Cost-cutting agreements with labor unions have finally started to fall into place at US Airways Group Inc. , but there's still no deal with the airline's most expensive employees -- its pilots -- and a crucial deadline may now be looming.
US Airways, the sixth-largest U.S. air carrier, is trying to slash $1.3 billion in costs across the board to win nearly $1 billion in government-backed loans and avert a possible bankruptcy.
But the airline's decision this week to defer payments on some debt securities placed it in risk of default by triggering a grace period that will expire in less than two weeks and leave the company vulnerable.
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