PassingThru
Member
- Joined
- Sep 17, 2002
- Posts
- 12
Doesn't look good
At last check, US Airways (UAWGQ: news, chart, profile) was ahead 5.5 percent -- equivalent to 3 cents -- to reach 58 cents a share. The moves come after Alabama's public pension fund started what could be a bidding war for the airline. The Retirement Systems of Alabama bid $240 million for a 37.5 percent stake in the airline, adding to the $340 million in notes and certificates relating to aircraft financing that the fund already holds.
Last month, the Texas Pacific Group private-equity firm offered $200 million for the same stake in US Airways. That offer is contingent on the company emerging from bankruptcy.
United parent UAL (UAL: news, chart, profile) shares were higher by 2 cents to $2.53 after the employee union coalition said late Thursday that it needed more time to put together a plan that will cut operating costs and stave off bankruptcy. The group said that its failure to meet a self-imposed deadline this week should not be construed as disinterest in participating in recovery efforts.
Shares of AMR (AMR: news, chart, profile), parent of American, rose 5 cents, or 1 percent, to $4.95 after hitting a string of new lows earlier this week.
Delta (DAL: news, chart, profile) also moved off a fresh bottom to rise12 cents, or 1 percent, to $12.44.
Continental (CAL: news, chart, profile) was not as fortunate, decreasing 30 cents, or 4.4 percent, to another new 52-week low of $6.49.
Northwest (NWAC: news, chart, profile) slipped 5 cents to $7.82.
Against all this, the Amex Airline Index (XX:$XAL: news, chart, profile) slipped to 36.88.
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At last check, US Airways (UAWGQ: news, chart, profile) was ahead 5.5 percent -- equivalent to 3 cents -- to reach 58 cents a share. The moves come after Alabama's public pension fund started what could be a bidding war for the airline. The Retirement Systems of Alabama bid $240 million for a 37.5 percent stake in the airline, adding to the $340 million in notes and certificates relating to aircraft financing that the fund already holds.
Last month, the Texas Pacific Group private-equity firm offered $200 million for the same stake in US Airways. That offer is contingent on the company emerging from bankruptcy.
United parent UAL (UAL: news, chart, profile) shares were higher by 2 cents to $2.53 after the employee union coalition said late Thursday that it needed more time to put together a plan that will cut operating costs and stave off bankruptcy. The group said that its failure to meet a self-imposed deadline this week should not be construed as disinterest in participating in recovery efforts.
Shares of AMR (AMR: news, chart, profile), parent of American, rose 5 cents, or 1 percent, to $4.95 after hitting a string of new lows earlier this week.
Delta (DAL: news, chart, profile) also moved off a fresh bottom to rise12 cents, or 1 percent, to $12.44.
Continental (CAL: news, chart, profile) was not as fortunate, decreasing 30 cents, or 4.4 percent, to another new 52-week low of $6.49.
Northwest (NWAC: news, chart, profile) slipped 5 cents to $7.82.
Against all this, the Amex Airline Index (XX:$XAL: news, chart, profile) slipped to 36.88.
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