Court Extends US Airways'' Turnaround Plan Exclusivity

Slam&Click

Member
Aug 24, 2002
90
0
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On 2/21/2003 3:43:16 PM chipmunn wrote:

I wonder why this happened?

Chip
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As was stated in the article you've posted: "Companies routinely ask, and courts almost always grant, extensions of these periods".

This is not a cloak and dagger thing, Chip. It's completely and entirely SOP.
 
C

chipmunn

Guest
Court Extends US Airways' Turnaround Plan Exclusivity
WASHINGTON (Dow Jones) - The bankruptcy court overseeing US Airways Group Inc.'s case has extended the period in which only the company may file a Chapter 11 reorganization plan, according to court papers Dow Jones Newswires obtained Friday.
The airline, which filed a reorganization plan in late December 2002, said it sought the exclusivity extension only as a protective measure. The U.S. Bankruptcy Court in Alexandria, Va., approved the disclosure statement to the plan in January, authorizing US Airways to solicit votes for it from creditors.
U.S. Bankruptcy Judge Stephen S. Mitchell signed an order Thursday to extend US Airways' exclusive plan proposal period through March 31. Under the order, the carrier has until May 30 to seek votes from creditors without the threat of competing plans being filed.
Companies routinely ask, and courts almost always grant, extensions of these periods.
In mid-December, the Alexandria court extended US Airways' exclusive periods through Jan. 31 and April 1.
The bankruptcy court has scheduled a hearing to consider confirming the airline's reorganization plan March 18.
When it filed for Chapter 11 protection Aug. 11, 2002, US Airways listed about $7.81 billion in assets, $10.65 billion in liabilities and $8.3 billion in annual operating revenue.
 
Aug 20, 2002
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[blockquote]
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On 2/21/2003 3:43:16 PM chipmunn wrote:

I wonder why this happened?

Chip
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Holy Cow! You mean that neither your top rank contacts at US, the Flight Department, ALPA, Wall Street, or key members of the Federal Government told you this was going to happen and why?
 

oldiebutgoody

Veteran
Aug 23, 2002
2,627
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www.usaviation.com
[blockquote]
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On 2/21/2003 3:43:16 PM chipmunn wrote:

I wonder why this happened?

Chip
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Maybe management feels that they may need the time to negotiate a new pension plan with the pilots.
 

dfw79

Senior
Aug 20, 2002
308
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On 2/21/2003 3:48:04 PM LavMan wrote:

To give US Airways time for an interesting corporate transaction take place, LMAO
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I thought it was unique? Then I guess it was very interesting...or was it complex? There are some phrases or words you just wish the filter would get...like cartel. ;)
 

W:EXCH:INVOL

Advanced
Aug 20, 2002
171
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On 2/21/2003 4:35:44 PM dfw79 wrote:

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On 2/21/2003 3:48:04 PM LavMan wrote:

To give US Airways time for an interesting corporate transaction take place, LMAO
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I thought it was unique? Then I guess it was very interesting...or was it complex? There are some phrases or words you just wish the filter would get...like cartel. ;)
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"Compelling" is getting a lot of print lately.
 

dfw79

Senior
Aug 20, 2002
308
0
Soon Letterman will be able to do a Top 10 on the different names for this corporate transaction.