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.
On 2/21/2003 4:35:44 PM dfw79 wrote:
On 2/21/2003 3:48:04 PM LavMan wrote:
To give US Airways time for an interesting corporate transaction take place, LMAO
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.
"Compelling" is getting a lot of print lately.