boscenter
DC-9 Evangelist
- Joined
- Dec 12, 2001
- Posts
- 148
Today is a good news day... with the guns resolution in the house, and now this...
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US Airways gets conditional approval of loan application
WASHINGTON, July 10 (Reuters) - The Bush administration granted conditional approval late on Wednesday to a $900 million loan guarantee application from US Airways.
The Air Transportation Stabilization Board, set up after the Sept. 11 hijack attacks to help struggling airlines get back on their feet financially, said US Airways (NYSE:U - News) must nail down concessions from its unions, and give the government a greater stake in the carrier than it has already been offered.
US Airways had repeatedly warned if it could not cut enough fat to win approval of the petition for loan guarantees, it might have to file for bankruptcy.
The airline lost a net $2.1 billion in 2001 and $269 million in the first quarter.
Analysts have said US Airways is looking to get cost reductions from its workers by July 16 when a grace period on some of its defaults expires. That could push the company into bankruptcy.
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US Airways gets conditional approval of loan application
WASHINGTON, July 10 (Reuters) - The Bush administration granted conditional approval late on Wednesday to a $900 million loan guarantee application from US Airways.
The Air Transportation Stabilization Board, set up after the Sept. 11 hijack attacks to help struggling airlines get back on their feet financially, said US Airways (NYSE:U - News) must nail down concessions from its unions, and give the government a greater stake in the carrier than it has already been offered.
US Airways had repeatedly warned if it could not cut enough fat to win approval of the petition for loan guarantees, it might have to file for bankruptcy.
The airline lost a net $2.1 billion in 2001 and $269 million in the first quarter.
Analysts have said US Airways is looking to get cost reductions from its workers by July 16 when a grace period on some of its defaults expires. That could push the company into bankruptcy.