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US Airways/America West merger ‘a step closer’
The planned merger between US Airways and America West has won approval from the US Air Transportation Stabilization Board.
Both carriers have loan guarantees with the ATSB – US Airways at $900 million and American West at $429 million.
The two airlines’ outstanding loan guarantees will be consolidated with payments beginning in September and running until 2010 if the merger is approved.
America West chairman and chief executive Doug Parker said: “Today’s announcement continues the positive momentum for our planned merger and brings us one step closer to building a stable future for our airlines.”
US Airways president and CEO Bruce Lakefield said: “We appreciate the ATSB working closely with us to further our efforts to restructure US Airways and preserve jobs while protecting the federal government’s interests. Their action will enable US Airways to become a stronger and more viable airline.”
Report by Phil Davies
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