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AMERICA WEST AIRLINES MOVES FORWARD IN REORGANIZATION EFFORTS (Directory)

 PHOENIX, Sept. 29 /PRNewswire/ -- America West Airlines (NASDAQ: AWAQC) took an important step in its reorganization efforts with the filing of a motion in bankruptcy court to approve an expense reimbursement agreement. The motion requests the reimbursement of $250,000 to AWA Partners for its expenses in examining the company to determine the feasibility of potential investment in the airline. AWA Partners is a partnership between Hyatt Air Subco Inc., and the WSW Fund. Hyatt Air Subco Inc. is controlled by interests of the Pritzker Family. The WSW Fund is a private investment partnership co-managed by Wertheim Schroder & Co. Inc., a New York-based international investment banking firm, and Alpine Capital Group, an investment advisory firm.
 The agreement further provides that if AWA Partners presents the company with an outline of a plan of reorganization prior to Dec. 31, 1993, the group's expenses will be reimbursed up to an additional $300,000. Should AWA Partners, the company and its creditors reach an agreement on the terms of a plan of reorganization, AWA Partners has expressed its willingness to invest in the company a minimum of $150 million in cash as equity. In its discussions with the company, AWA Partners has acknowledged its interest in employee compensation and equity ownership issues.
 William A. Franke, chairman of the board for America West, stated, "The AWA Partners proposal represents the beginning of the reorganization phase for the company.
 "Significant assistance in the discussion was provided by the Creditors and Equity committees, and I expect them to be involved in the development of any plans of reorganization," Franke said.
 Michael J. Conway, president and chief executive officer of America West, added, "We are very pleased that America West's improved operating and financial performance has attracted these well-known financial investors."
 -0- 9/29/93
 /CONTACT: Daphne Dicino, senior director of corporate communications, 602-693-5729/
 (AWAQC)


CO: America West Airlines ST: Arizona IN: AIR SU:

JB-EH -- LA024 -- 6926 09/29/93 15:42 EDT
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Publication:PR Newswire
Article Type:Directory
Date:Sep 29, 1993
Words:326
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