What $700 Million? Bronner was paid back his DIP financing the day US Emerged from Bankruptcy, so there is no $700 million he can pull back.
And his $240 million for stock is an investment, he got stock, he cant ask for his money back. US owes RSA $75 million for their part in the non-guaranteed part of the $100 Million and Bank of America $25 million as the ATSB and the banks only underwrote $900 Million.
Once again people don't let the FACTS get in your way!
FROM US AIRWAYS:
ARLINGTON, Va., March 31, 2003 -- US Airways Group, Inc. and seven subsidiaries today completed all required transactions and satisfied all remaining conditions to its reorganization plan, allowing the company to meet its March 31 target for fast-track emergence from Chapter 11 bankruptcy protection.
US Airways also closed on exit facilities that provide the company with $1.24 billion in liquidity, including a $240 million equity investment from the Retirement Systems of Alabama Holdings LLC (RSA), and a $1 billion loan - $900 million of which is guaranteed by the Air Transportation Stabilization Board (ATSB). The remaining $100 million of at risk funds are provided by RSA ($75 million) and Bank of America N.A. ($25 million). All funds were received today. The company repaid RSA $372 million owed on the debtor-in-possession facility, and also paid RSA $9.4 million of administrative rent, and paid structuring, loan syndication, collateral agent, loan administration and professional fees and expenses totaling approximately $48 million.
