Us Airways To Seek Court Supervision To Complete

[700UW]

Airline expected to file today
Bankruptcy decision in hands of board; talks with unions collapse
STAN CHOE AND TED REED
Staff Writers

US Airways is expected to file for bankruptcy protection today after a last-ditch effort to reach new cost-saving labor agreements collapsed on Saturday, according to sources familiar with the airline's plans.

Airline expected to file

MOD NOTE: FOR THE LAST TIME, DO NOT REPOST ENTIRE TEXTS OF COPYRIGHTED ARTICLES.

 

[robbedagain]

of course what judge would even allow an inept mgmt to allow horrendous contracts if it could be shown that no union has made agreements with this group and yet what are the chances of getting the entire mgmt and bod as well as rsa thrown off and get the court appointed trustee to run the airline ?

 

[700UW]

ARLINGTON, Va., Sept. 12 /PRNewswire-FirstCall/ -- US Airways Group, Inc. (Nasdaq: UAIR - News) today announced that the Company and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Company said that today's action will provide the nation's seventh-largest airline the opportunity to implement its Transformation Plan built on lower costs, a simplified fare structure, and expanded service in the eastern U.S., the Caribbean, Latin America and Europe.

http://biz.yahoo.com/prnews/040912/nysu016_1.html

 

[jimntx]

Bankruptcy Trustees are not appointed to "run" a company during Ch. 11 reorganization. Trustees are appointed to oversee liquidation of a company during Ch. 7.

Bankruptcy Trustees

 

[wench]

Yea so?Tell me something we already do not know...**yawns****

 

[BostonTerrier]

September 12, 2004

Groundhog Day for US Airways

 

[totobird]

Does this mean we filed Ch11 today ?

 

[ua767fo]

The sun will still come up tomarrow. It always does.

DENVER, CO

 

[USFlyer]

Does this mean we filed Ch11 today ?

[post="179029"][/post]​

Yes.

 

[700UW]

The Court has scheduled a hearing on the Company's first day motions for 10:30 a.m. in Courtroom #1 at the Martin Bostetter, Jr. U.S. Courthouse. Information on the filing and related matters can be found at http://www.transformingusairways.com.

 

[local 12 proud]

good luck to all!

 

[javaboy]

4:30pm 09/12/04
US Airways files for bankruptcy (UAIR) By Alan Doyle
SAN FRANCISCO (CBS.MW) -- US Airways Group [s:uair] said Sunday it has filed for Chapter 11 bankruptcy protection. The nation's seventh-largest airline said it will continue normal operations. The carrier said it faces 30 covenant tests relating to its U.S. Air Transportation Stabilization Board loan and expriign financing agreements with General Electric, Bombardier and Embraer. US Airways blamed the filing, which had been expected by many analysts, on failure to win additional concessions from its unions.




Pitbull was right (sunday) i was wrong (not before 9/15)

 

[Justme]

The Company presently contemplates that one of the elements of any plan of reorganization may be the cancellation of the Company's existing equity securities without the prospects of any distribution to existing holders. There is no assurance as to what values, if any, will be ascribed in the Chapter 11 cases as to the value of the Company's existing common stock and/or any other equity securities. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these securities as the value and prospects are highly speculative.

Remember this quote? This is from 2002 BK filing news release. This verbage is not included in today's news release. Do you think the current owners (stock holders) will maintain their equity interest? Or will this issue be brought up at a later date?

jm

 

[EyeInTheSky]

It's time to hit the sauce. Meet you at Ground Round Moon Township it's "Happy Hour" cheap drinks to drown your sorrows. Glug, glug..

 

[Hawk]

Pitbull’s sources are always on the money. This is a sad day at Airways. Many jobs will be lost as a result of this restructuring. This could have been avoided if the labor leaders would have used the democratic process and allowed their membership to vote on the company proposals. I don’t blame the employees, as they are the key to our survival. Much of the blame can be placed upon the labor leaders that refused to accept the proposals that were competitive with today’s market place. The honorable judge will see that the company has negotiated in good faith with each group. I wish each and every employee the best of luck during these turbulent times.