USAIR BUYS CONTINENTAL ASSETS AT LAGUARDIA TO EXPAND SERVICES THROUGHOUT THE NORTHEASTERN UNITED STATES
USAIR BUYS CONTINENTAL ASSETS AT LAGUARDIA
TO EXPAND SERVICES THROUGHOUT THE NORTHEASTERN UNITED STATES
ARLINGTON, Va., Nov. 15 /PRNewswire/ -- USAir today announced that it has reached an agreement with Continental Airlines to purchase take-off and landing slots at New York's LaGuardia Airport and Washington's National Airport as well as Continental's facilities at LaGuardia Airport for a total cost of $61 million.
The agreement includes the purchase of 62 jet and 46 commuter take-off and arrival slots at LaGuardia Airport as well as six jet take-off and arrival slots at Washington National Airport. In addition to the slots, USAir announced that it would assume Continental's leases of the new LaGuardia East End Terminal, a recently constructed flight kitchen, and related equipment.
USAir President and Chief Executive Officer Seth E. Schofield said: "Expansion of USAir's service at New York and Washington is a key element of our strategic growth program which will make USAir a more effective competitor. The additional slots at LaGuardia and Washington National and the new East End Terminal will enable USAir to enter new markets and improve its service in existing markets."
Schofield added, "The East End passenger terminal, which is scheduled to be completed in Aug. 1992, will be the premier facility for customers at LaGuardia in terms of convenience and comfort. It will have a food court similar to the one at USAir's terminal at Washington National, an 8,000-square-foot USAir Club, and other amenities. In addition, the roadway system leading to the terminal will be the best at LaGuardia."
USAir currently has nine narrow body jet gates at LaGuardia's central terminal. At the new East End Terminal, USAir ultimately will have 12 gates capable of handling Boeing 757 and 767 aircraft.
The 45,000-square-foot flight kitchen is state-of-the-art. USAir's plans for use of that facility are under evaluation.
The transaction with Continental is subject to the successful completion of negotiation and execution of definitive agreements and to approvals by, among others, the Port Authority of New York and New Jersey and the U.S. Departments of Justice and Transportation. The parties anticipate closing the transaction by Jan. 15, 1992, assuming all conditions are satisfied.
/CONTACT: USAir Corporate Communications, 703-418-5100 or 213-417-1294 (Western region)/
(U) CO: USAir; Continental Airlines ST: New York, District of Columbia IN: TNM SU: AIR MP -- DC001 -- 1357 11/15/91 08:28 EST