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USAirways-America West merger boost
An asset management firm has commited $65 million equity funding for USAirways’ financial restructuring.
The pledge by Tudor Investment Corporation is seen as a backing for the airline’s planned merger with America West.
USAirways is seeking to emerge from bankruptcy protection and forge the tie-up with America West to create the first nationwide US low cost carrier.
Other backers for the USAirways plan of reorganisation and merger include Air Canada owners ACE Aviation Holdings and other investment companies.
The merger is to be funded by $565 million in new equity and is hoped to be concluded in the early autumn. The merged airline would operate under the USAirways name.
USAirways president and CEO Bruce Lakefield said: “The inclusuion of Tudor as a new equity partner is a clear indication that investors continue to find great potential in our proposed merger with America West Airlines.
“We are making tremendous progress in completing a merger that will provide the combined airline financial stability in this highly competitive marketplace.”
Report by Phil Davies
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