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STATESWEST AIRLINES RECEIVES $2.75 MILLION FINANCIAL COMMITMENT

 STATESWEST AIRLINES RECEIVES $2.75 MILLION FINANCIAL COMMITMENT
 PHOENIX, July 31 /PRNewswire/ -- StatesWest Airlines Inc. today announced it has structured a $2.75 million credit facility based upon its accounts receivable. The credit facility has been extended by Allstate Financial Corp., a publicly held financial institution headquartered in Arlington, Va.
 Rudy R. Miller, StatesWest's chairman, president and chief executive officer, stated, "We appreciate the confidence of our new financial resource at this critical period of StatesWest's history as we are working toward building a profitable regional airline.
 "This is only a part of the financial restructuring package the company and its investment banker, Thomas James Associates, are reviewing. The airline is attempting to add financial strength to its balance sheet and improve the company's cash position over the next 60-120 days." Miller concluded, "The above program along with recent airline fare increases should put the company in a position to be a long-term player in the highly competitive airline industry."
 StatesWest operates under code-share agreements with both USAir and Northwest Airlines feeding flights for the total travel network for USAir, and flights to the Pacific Rim system for Northwest Airlines. Traffic flows through the hub cities of Los Angeles and San Francisco. The airline operates approximately 4,000 monthly departures serving 12 western cities.
 -0- 7/31/92
 /CONTACT: Rudy R. Miller or Mary A. Nance of StatesWest Airlines, 602-225-0504/ CO: StatesWest Airlines Inc. ST: Arizona IN: AIR SU: FNC


BP-JL -- LA002 -- 5416 07/31/92 07:00 EDT
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Publication:PR Newswire
Date:Jul 31, 1992
Words:249
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