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STATESWEST ANNOUNCES CONVERSION OF $1,245,000 OF SUBORDINATED DEBT TO EQUITY

 STATESWEST ANNOUNCES CONVERSION OF $1,245,000
 OF SUBORDINATED DEBT TO EQUITY
 PHOENIX, April 2 /PRNewswire/ -- StatesWest Airlines Inc. (NASDAQ: SWAL, SWALP) announced today that the holder of its 12 percent convertible subordinated note in the principal amount of $1,245,000 has converted such note into 2,074,170 shares of the company's common stock, representing approximately 24.7 percent of the company's outstanding common stock after such conversion. The holder has granted StatesWest's board of directors an irrevocable proxy to vote all shares of common stock for so long as the shares are owned by the holder. The 2,074,170 shares of common stock issued to the holder have been pledged to the company as collateral for a $1,245,000 promissory note to the company from the holder. The holder has retained three investment banking firms to dispose of the shares in open market transactions in an orderly process and any proceeds of sale of such shares received by the holder or its assignees will be applied to repayment of such promissory note until such time as the note has been paid in full.
 StatesWest, operating under a code-share agreement with both USAir and Northwest Airlines, has one of the most fuel-efficient fleets of prop-jet aircraft in the United States. The airline operates over 4,000 monthly departures serving passengers in 14 cities in California, Arizona and Nevada.
 -0- 4/2/92
 /CONTACT: Rudy R. Miller or Mary A. Nance of StatesWest, 602-225-0504/
 (SWAL SWALP) CO: StatesWest Airlines Inc. ST: Arizona IN: AIR SU:


CH -- LA011 -- 4276 04/02/92 10:22 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:267
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