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US Airways needs $100 million by Friday

Dear Members, 

USAirways needs to come up with $100 million of new equity to qualify for continued funding by GE Capital. By meeting the terms of the agreement, US Airways would have the delivery of regional jets resumed. 

This hinges on a second critical component: an extension being negotiated with the federal Air Transportation Stabilization Board. US Airways re-entered bankruptcy in September 2004, and the federal board changed its rules on the loan, allowing US Airways to use it as collateral for other loans. This agreement will expire Jan. 15, 2005, and will need to be extended. 

However, the company must meet certain agreed upon covenants. They will base their extension of the agreement if they view USAirways as "viable". 

Please read the article I found for your reading review, written by the Beaver County Times. This is just for your FYI...in keeping you abreast of critical hurdles. 

Teddy 

MEC President, AFA-CWA 

See Article: http://www.timesonline.com/site/news.cfm?newsid=13712409

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