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US Airways moves closer to solvency
US Airways creditors are to vote on the carrier’s financial rescue package as it seeks to emerge from Chapter 11 bankruptcy.
A bankruptcy court gave its approval to the airline’s Plan of Reorganisation and agreed for it to be sent to creditors. Votes must be received by September 12 with a further hearing scheduled for September 15.
Approval by creditors is one of the final steps needed by the airline to emerge from Chapter 11. It will also leave the way clear for US Airways to merge with American West Airlines in the autumn.
“Today’s decision by the court approving our business plan was critical to our efforts to emerge from Chapter 11 and complete our merger with American West Airlines,” said president and chief executive Bruce R. Lakefield. “This is one of the many steps we have taken to create the financial stability we need to become a stronger competitor in the marketplace.”
The carrier has received commitments on $565 million in new equity investment. Combined with participation by suppliers and business partners, the company is expected to have $1.5 billion in liquidity.
Report by Steve Jones
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