Dave Davis Testimony

[deltawatch]

US Airways sees more work to attract investment

ALEXANDRIA, Va., Dec 9 - US Airways (UAIRQ.OB: Quote, Profile, Research) probably will need more cost cuts or a boost in revenue to attract $250 million in equity it says it wants to exit bankruptcy next year, officials at the airline said on Thursday.

Speaking both inside and outside of a bankruptcy court hearing, the officials said US Airways' current restructuring plan, which includes an attempt to achieve nearly $1 billion in cost savings from workers, would probably be insufficient to pass muster with potential investors.

"This is a dynamic process," said Chris Chiames, senior vice president of corporate affairs, outside court. "We still have more to do."

Chiames was elaborating on testimony given by Dave Davis, the airline's former chief financial officer who left the company in November. Davis said it would "be a challenge" for US Airways to attract new capital even if it obtains all of the savings it wants from labor.

 

[jB-Rocks]

See Story

 

[aafsc]

US Airways sees more work to attract investment

ALEXANDRIA, Va., Dec 9 - US Airways (UAIRQ.OB: Quote, Profile, Research) probably will need more cost cuts or a boost in revenue to attract $250 million in equity it says it wants to exit bankruptcy next year, officials at the airline said on Thursday.

Speaking both inside and outside of a bankruptcy court hearing, the officials said US Airways' current restructuring plan, which includes an attempt to achieve nearly $1 billion in cost savings from workers, would probably be insufficient to pass muster with potential investors.

"This is a dynamic process," said Chris Chiames, senior vice president of corporate affairs, outside court. "We still have more to do."

Chiames was elaborating on testimony given by Dave Davis, the airline's former chief financial officer who left the company in November. Davis said it would "be a challenge" for US Airways to attract new capital even if it obtains all of the savings it wants from labor.

[post="227613"][/post]​

Get ready, USA320 pilot, they are coming back for more in round 5.

 

[AP Tech]

You mean they lied?????? They said they were not coming back for more???? Yes, what is your take on this 320? Willing to give again even before the ink is dry on the last contract? :blink:

 

[USA320Pilot]

Chris Chiames, the airline's senior vice president for corporate affairs ruled no options out, but said the most likely strategy would be to find better ways to utilize the airline's fleet of 280 jets rather than seek deeper cuts from labor.

Complete Story

Best regards,

USA320Pilot

 

[Schatzee]

View attachment 2256View attachment 2256[attachment=22
6:attachment]

Get Real A320! They'll be back. There has to be someone in management that knows how to utilize the fleet and this crew has proved they don't have a clue.

 

[youngblood]

What incentive is this to vote yes on any more concessions. They are saying under oath that even WITH concessions it would be difficult to attract new capitol. All that tells me is that this is a ship that is sinking fast and people need to keep their money in their own pocket rather than give it up. It's on it's way to liquidation. Make it happen faster so your old pay is still figured into the equation for unemployment. VOTE NO!

 

[USA320Pilot]

If I believed a company would fail and they offered me a lump sum, it might make sense to take the money and run.

One thing is for sure, without labor cuts the company will fail.

Regards,

USA320Pilot

 

[youngblood]

If I believed a company would fail and they offered me a lump sum, it might make sense to take the money and run.

One thing is for sure, without labor cuts the company will fail.

Regards,

USA320Pilot

[post="227704"][/post]​

It seems to me that even with labor cuts the company will fail. So why let the cash flow from my pocket. Not to mention that after taxes the buy out would be equivalent to or less than unemployment. Unemployment through the state is gauranteed. Money from US is not. The bonus would be especially hard hit with taxes. It's a lose lose situation and I am not putting any trust in this company. In less than five years I have seen four different contracts. The original I was hired under, the first round of concessions, the second, and now the third. I am not voting in the fourth. History repeats itself at this airline and they will come back for more. Put a stop to it now and end the damn misery.

 

[Jennyann]

LIES LIES......I"M MAD DAMMITT!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! :angry: :angry: :angry:

 

[ClueByFour]

If I believed a company would fail and they offered me a lump sum, it might make sense to take the money and run.

One thing is for sure, without labor cuts the company will fail.

Regards,

USA320Pilot

[post="227704"][/post]​

Dale Davis, the former hotshot CFO, thinks it will happen even with the labor cuts:

"Davis said labor savings would give US Airways a fighting chance but would not ensure its survival."

 

[AP Tech]

Chris Chiames, the airline's senior vice president for corporate affairs ruled no options out, but said.....

Would this be the same Chris Chiames that made the statement, and I believe it was on these forums that the company did not plan to outsouce heavy maintenance if we voted in one of the concession packages, I cannot recall which package it was? And everyone wonders why there is no trust within this company!!!!

 

[700UW]

PITguy, I apologize for the delay. I haven't been online and just saw your note.
We are not going to outsource heavy maintenance in PIT or elsewhere. We never even proposed it. (Unlike UA which has proposed the outsourcing of heavy maintenance.)
We will pay all furlough pay as provided for in the contract.
We have no further plans to lay off more mechanics beyond what is published. With the new commitment to operate 279 a/c, we will need just about all the mechanics on the property to perform the maintenance we have scheduled, since our fleet plan anticipated retiring some planes that we will now be flying.
Finally, we are not trying to vendor maintenance with either Boeing or Airbus.
Chris Chiames

[post="36648"][/post]​

 

[luvn737s]

If I believed a company would fail and they offered me a lump sum, it might make sense to take the money and run.

[post="227704"][/post]​

Oh, they'll give you a lump alright