United Kingdom
United States
Asia Pacific
Ailing US Airways ‘up for sale’
Investment banks have been hired to find potential buyers for loss-making US Airways. The move came as the carrier admitted that it continued to struggle against more efficient low cost competitors. The airline, which emerged from Chapter 11 bankruptcy protection last year, admitted that budget airlines had brought a “fundamental change” to the US aviation industry. Revealing reduced 2003 fourth quarter pre-tax losses of $99 million against $848 million for the same period in 2002, said: “We have made progress in reducing out losses but regrettably we are behind our plan of achieving sustained profitability.” The airline, which starts formally participating in the Star Alliance in the second quarter of 2004, revealed hat investment banking advisors had been engaged “in an exploratory process to identify and value its assets, and that includes identifying potential buyers”. US Airways has been seen as a potential target for Virgin Atlantic as chairman Sir Richard Branson seeks to establish an airline presence in North America. Report by Phil Davies
Related News Stories:
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
BA pilot dies during layover
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Protestors now targeting Amsterdam cruise calls