US Airways loses big in February

[lowecur]

Cash is down to a measly $405M, and the ATSB put a minimum cash requirement of $325M. $25M is due on 3/31/05 from Air Wisconsin, but the other $110M from Republic may have run into a snag. Embraer has filed an objection with the bankruptcy court over the purchase and lease rights of the 170s by Republic. MidAtlantic may lose half their pilots if the deal goes through.

http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000701345%2D05%2D000013%2Etxt&FilePath=%5C2005%5C03%5C30%5C&CoName=US+AIRWAYS+GROUP+INC&FormType=8%2DK&RcvdDate=3%2F30%2F2005&pdf=

http://www.post-gazette.com/pg/05089/479597.stm

 

[Spooky 1]

USAir regional

Which regional is flying the RJs for USAir? Probably more than one I suppose.

 

[350DRIVER]

Which regional is flying the RJs for USAir? Probably more than one I suppose.

I believe quite a few from what I remember. PSA, Mesa, Trans States, and Chitaco.

 

[Daddy]

Does this remind anyone else of the knight from "The Holy Grail"?

 

[klhoard]

.
.
.
Get back here!!! I'll bite your ankles!!!
.
.
.

 

[JetFumes]

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
Now thats funny!

 

[merikeyegro]

The fat lady is clearing her throat...

 

[SRJ]

Which regional is flying the RJs for USAir? Probably more than one I suppose.

MidAtlantic= ERJ 170
PSA= CRJ200/701
Chataqua= ERJ 145 and soon to be ERJ 170
MESA= ERJ145/CRJ200
and Air Wisconsin soon to be CRJ 200/700/900???

 

[Z_Pilot]

add...
Colgan
Piedmont/Allegheny
Trans States

 

[Schwanker]

Cash is down to a measly $405M, and the ATSB put a minimum cash requirement of $325M. $25M is due on 3/31/05 from Air Wisconsin, but the other $110M from Republic may have run into a snag. Embraer has filed an objection with the bankruptcy court over the purchase and lease rights of the 170s by Republic. MidAtlantic may lose half their pilots if the deal goes through.

CASH WAS AT $405M ON 28 FEB 05. AT THEIR BURN RATES, THEY'RE LIKELY BELOW 325M NOW.

 

[Dennis Miller]

I thought they removed the feeding tube? Living out these past years like Captain Pike from Star Trek. I don't know who's in shoddier shape, Terry Schiavo or UsAirways.

 

[SRJ]

add...
Colgan
Piedmont/Allegheny
Trans States

Colgan and Piedmont do not fly RJ's, however Trans States flyes the E-145 for Airways

 

[wheelsup]

Cash is down to a measly $405M, and the ATSB put a minimum cash requirement of $325M.

A quick calculation shows they would've lost about $43 million even if gas was $0.50/gallon.

What happens when they dip below $325 mil - are they forced to liquidate?

~wheelsup

 

[canyonblue]

US Airways Gets More Time to Reorganize
Reuters
Thursday March 31, 11:41 am ET

ALEXANDRIA, Va. (Reuters) - A U.S. bankruptcy judge on Thursday gave US Airways until May 31 to file a reorganization plan without interference from creditors.

Judge Stephen Mitchell also approved a $125 million investment in US Airways by regional aviation partner Republic Airways Holding Inc. and its top investor, Wexford Capital LLC. The deal is contingent on the seventh-largest domestic airline finding another $100 million in cash.

Previously, the airline had until March 31 to file its bankruptcy plan and had hoped to exit bankruptcy by June 30. US Airways now says it hopes to exit bankruptcy by Aug. 31, at the latest.

The Republic Airways agreement is the second equity package struck by US Airways and a regional affiliate.

Air Wisconsin's financing arm, Eastshore Aviation, has also agreed to $125 million in financing that can be converted into equity. Mitchell approved that deal in February.

Privately held regional airline Air Wisconsin and Republic get more guaranteed flying time as US Airways feeder carriers under the agreements.

"We're making good progress. Three months ago, people were ready to write our demise," Chris Chiames, US Airways senior vice president of corporate affairs, said outside the court.

"We're talking to other interested parties," Chiames said, adding that high fuel prices meant the airline had to assure potential investors that there was a "sturdy business plan."

Chiames did not identify the interested parties.

US Airways sought bankruptcy protection in September last year, its second Chapter 11 bankruptcy filing in two years.

 

[jparks]

they should just let the t-props take over on any route less than 750 miles.