Ge Evaluating Obligations For Us Airways Financing


May 18, 2003
GE Evaluating Obligations For US Airways Financing

WASHINGTON (Dow Jones) - General Electric Co. (GE) said Tuesday that it is evaluating its legal obligations under a commitment to provide lease financing to US Airways Group Inc. (UAIR).

In its first-quarter report filed with the Securities and Exchange Commission, General Electric said it has been evaluating its options as US Airways continued to experience financial difficulties, including a debt rating downgrade, in the three months ended March 31.

General Electric said it has a commitment to provide lease financing to the airline for regional jet aircraft scheduled to be delivered within a year.

General Electric said Tuesday that, as of March 31, its total exposure to US Airways was $2.8 billion, including leases, loans, investment securities and commitments. The financial exposures are secured by Boeing, Airbus and Bombardier aircraft and other assets, the industrial and entertainment conglomerate said.

In its annual report filed with the SEC in March, General Electric said it had $2.5 billion in exposure to US Airways, which emerged from Chapter 11 bankruptcy protection last year.
So what.....................this is old news. I have to ask, why do post the obvious?

I don't mind the truth........just don't like hearing the same things over and over. The whole beating a dead horse thing. You are a moron if you didn't think that Gecas wasn't evaluating their options. They have been doing this for weeks. (in the press that is)