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-   -   US Airways to Seek Loans, May Reorganize (https://www.ityt.com/forums/f80/us-airways-to-seek-loans-may-reorganize-1259.html)

dbaker 05-10-2002 03:13 PM

US Airways to Seek Loans, May Reorganize
 
US Airways to Seek Loans, May Reorganize

Quote:

CHICAGO (Reuters) - US Airways Group (NYSE:U - News) said on Friday it will seek federal loan guarantees following huge losses since the Sept. 11 attacks and will consider a bankruptcy filing if it cannot reach agreement with employees, suppliers and lenders to cut costs.

tycoonjack 06-10-2002 11:12 PM

US Airways Files $900 Mln Loan Guarantee
 
US Airways Files $900 Mln Loan Guarantee

Quote:

Struggling air carrier US Airways Group Inc. asked the government on Monday to guarantee 90 percent of a $1 billion loan that it would use to help salvage its business, which took a huge financial hit after the Sept. 11 attacks.


The Arlington, Virginia-based air carrier, the nation's sixth-largest, reported a $2.1 billion loss last year, and its financial stability deteriorated even further as it reported a $269 million shortfall in the first quarter of this year.

The carrier filed an application on Monday evening for a $900 million loan guarantee from the government's Air Transportation Stabilization Board (ATSB), which was created by following the Sept. 11 attacks to aid the faltering airline industry.


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