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USAIR GROUP SHAREHOLDERS APPROVE BRITISH AIRWAYS INVESTMENT

 ARLINGTON, Va., May 26 /PRNewswire/ -- USAir Group (NYSE: U) shareholders today ratified the sale of a series of convertible preferred stock to British Airways for $300 million. The sale was completed in January 1993, subject to shareholder approval.
 The shareholders also authorized the USAir Group board of directors to permit further investment in USAir Group by British Airways under the terms of an agreement between the two companies reached in January of this year. British Airways has the option under the agreement to purchase certain other new issues of USAir Group convertible preferred stock totaling $450 million over the next five years.
 "We appreciate the strong expression of support and vote of confidence in the company by our shareholders," said USAir Group Chairman, President and CEO Seth E. Schofield. "We believe USAir Group's alliance with British Airways promises a solid future for our shareholders, customers and employees."
 As previously announced, British Airways has exercised its right under the investment agreement to purchase shares of a new series of convertible preferred stock in USAir Group for approximately $99 million. This purchase will enable British Airways to maintain its current percent holding in USAir Group equity share capital following USAir Group's recent sale of 11.5 million shares of common stock which produced net proceeds of approximately $231 million.
 /delval/
 -0- 5/26/93
 /CONTACT: USAir Corporate Communications, 703-418-5100/
 (U)


CO: USAir Group; British Airways ST: Virginia IN: AIR SU:

IH-TW -- DC020 -- 2477 05/26/93 12:56 EDT
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Publication:PR Newswire
Date:May 26, 1993
Words:247
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