US Airways Group Inc received a conditional US$900 million loan guarantee that the carrier said it needs to raise US$1 billion in new financing and avoid a bankruptcy filing. The application was approved on conditions that include the seventh-largest US carrier giving the government a bigger potential stake in the company and completing concession agreements with workers and creditors, the Air Transportation Stabilization board said in a statement. The carrier is trying to shave US$1.3 billion from its annual expenses to survive a slump in travel that started early last year. The board was created to review applications for as much as US$10 billion in guarantees, which includes a US$1.8 billion request that's still pending from UAL Corp's United Airlines.
Home / World Business Quick Take
Fri, Jul 12, 2002 - Page 12 News List
US Airways gets loan okay
This story has been viewed 2505 times.
Listing from 2013-11-28 to 2013-12-05
- Most read
- Most e-mailed
1Rally against same-sex marriage held
2Wang Lee-hom ties the knot with student Lee Jinglei
3Schools to teach Nanjing is ROC capital: ministry
5China’s anti-veil ‘beauty’ project sows ugly tensions in Xinjiang