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AFA US Airways MEC E-Line
for January 17, 2003 This information is also available on our Web Site http://www.afausairways.org |
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Court OKs US Airways Reorganization Plan Friday January 17, 4:36 pm ET ALEXANDRIA, Va. (Reuters) - A federal judge approved plans by bankrupt US Airways Group Inc to present its reorganization plan to its creditors. The plan was cleared by Judge Stephen Mitchell of the U.S. Bankruptcy Court for the Eastern District of Virginia after a two-day hearing. The proposal could still be changed to accommodate any concerns raised by creditors or the court later on. The centerpiece of reorganization is $840 million in emergency and long-term financing by the carrier's lead investor, Retirement Systems of Alabama. The state pension fund will take a 36 percent stake in the airline. The plan also calls for GE Capital, the financing unit of General Electric Co., to provide $710 million in financing for a stake of up to 5 percent. Another critical component is a $900 million federal loan guarantee, which has been conditionally approved by the government. |
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CREW ACCOMMODATIONS
COMMITTEE UPDATE
EWR Long RON AFA officially declared this RON as unacceptable in November. A site inspection should have been completed by the end of December, but was postponed by the Company. Please continue to provide us with your feedback, since this substantiates AFA's position. Unfortunately, the Company states that it will not be able to look into a replacement property until April. The Committee is pursuing other properties in this market and will continue to press this issue with the Company. Caribbean RON's The Committee requests general information about our Caribbean properties. If there are any flight attendants willing to share their views on these hotels, please contact the Committee Chair at either alindner@afausairways.org or 724.942.3039. I thank you in advance. General Update Under Federal Bankruptcy Protection Laws, the Company is in the process of rejecting, accepting, or accepting and modifying our Suppliers' contracts. This applies to all vendors that we either had an agreement with or a prior agreement with when bankruptcy was declared. These negotiations will continue through March until every property and transportation company has been addressed. This enables the Company to terminate contracts it feels are undesirable. This may also serve as a way for contracts with properties that have not performed satisfactorily to be broken. Your feedback is encouraged. |
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C. A. "Chuck" Cannaday
Association of Flight Attendants
Hotline & *E-Line* - US Airways