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 2657 times.
Comments will be moderated. Remarks containing abusive and obscene language, personal attacks of any kind or promotion will be removed and the user banned.
Listing from 2017-03-19 to 2017-03-26
- Most read
- Most e-mailed
1Some immigrants no longer need to give up citizenship
2Study: Vitamin D could prevent common cold
3Taiwan-Japan relations are a priority: president
4Lawmakers urge efforts to attract S Koreans