US Airways expects to emerge from bankruptcy in 2003.
US Airways is hoping to emerge from Chapter 11 bankruptcy in March 2003, after filing its reorganisation plan by the end of 2002.
The airline - which filed for protection from creditors in August 2002 - is currently attempting to cut as much as USD1.6bn in costs by 2008 to restructure its operations. To help reach the cost cuts, US Airways has announced that it will seek further concessions from its workers, a move which has prompted the airline's pilots to view the company finances themselves to measure the extent of its problems.
Meanwhile, US Airways will take a USD700-800m charge against its stockholders equity to cover its underfunded employee pension. In a regulatory filing, the airline revealed that it will take the charge as of 31 December 2002.
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|Publication:||Airline Industry Information|
|Date:||Nov 15, 2002|
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