■Oil production
Venezuela to take action
Venezuela's defense ministry said it will act to restart the country's oil industry by enforcing a Supreme Court decision that ordered striking workers back to the job. Defense Minister Jose Luis Prieto said in a national address his ministry, together with the energy and mines, and infrastructure ministries, would take all necessary actions to enforce the ruling. The announcement came as the government retook control of the oil tanker that started a strike that spread to other vessels, and began moving it from Lake Maracaibo in the western part of the country, Union Radio reported. The crew of the Pilin Leon tanker, carrying 44 million liters of gasoline, was removed and replaced with a substitute crew, Union Radio reported. The tanker was headed to Bajo Grande, where the state oil company has a terminal, the radio said.
■ US Airways
Reorganization schedule set
US Airways Group Inc filed a bankruptcy reorganization that would allow the seventh-largest US airline to come out of Chapter 11 as early as March under new ownership. The plan, filed late yesterday in US Bankruptcy Court would give Alabama's state pension fund 37 percent of the company, the Air Line Pilots Association union 19 percent, other employees 11 percent, and management 7.8 percent, the company said in a statement. Unsecured creditors would own 11 percent, or 1.6 percent to 2 percent of their claims. US Airways, with more than US$10 billion of debt, filed for bankruptcy in August as losses widened after the Sept. 11 attacks, amid the US recession. The new common stock and warrants in the company would be valued at US$425 million to US$645 million. Old shares would be canceled, the company said.
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