In an interview with the Observer, ATSB Executive Director Mark Dayton said he believes the airline's restructuring plan seems sound, but neither he nor the lenders' financial advisers have finished looking over all the details.
While looking over the specifics of US Airways' plan, the board won't make demands for the airline to change pieces of the plan, Dayton said. Through its history, the board has done more listening than demanding, he said.
"Throughout the guarantee approval process the board did not dictate specific business plans to borrowers, and we wouldn't start doing that in the bankruptcy process either," he said. "We've always said, `Present us with a plan that works, and we'll work with you.' "
Dayton, who said the board's top priority is protecting taxpayer dollars, said Judge Stephen Mitchell -- not the ATSB -- will get the final say on whether US Airways survives.
"At this point in the bankruptcy, we can't unilaterally say, `Give us the cash collateral back,' and in any case, we're certainly not at that point today," he said.
The board's financial advisor, Lazard Freres & Co. LLC, is reviewing details of the airline's plan at the airline's expense. According to court documents, US Airways is to pay Lazard $250,000 a month plus expenses, and an additional $1 million if the bank loan's lenders, led by Charlotte-based Bank of America Corp., get their money back. The ATSB and the airline typically communicate daily.
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Regards,
USA320Pilot
While looking over the specifics of US Airways' plan, the board won't make demands for the airline to change pieces of the plan, Dayton said. Through its history, the board has done more listening than demanding, he said.
"Throughout the guarantee approval process the board did not dictate specific business plans to borrowers, and we wouldn't start doing that in the bankruptcy process either," he said. "We've always said, `Present us with a plan that works, and we'll work with you.' "
Dayton, who said the board's top priority is protecting taxpayer dollars, said Judge Stephen Mitchell -- not the ATSB -- will get the final say on whether US Airways survives.
"At this point in the bankruptcy, we can't unilaterally say, `Give us the cash collateral back,' and in any case, we're certainly not at that point today," he said.
The board's financial advisor, Lazard Freres & Co. LLC, is reviewing details of the airline's plan at the airline's expense. According to court documents, US Airways is to pay Lazard $250,000 a month plus expenses, and an additional $1 million if the bank loan's lenders, led by Charlotte-based Bank of America Corp., get their money back. The ATSB and the airline typically communicate daily.
Complete Story
Regards,
USA320Pilot
