Investors emerge for US Airways — sort of
A group of former pilots hopes to buy US Airways and fly it out of bankruptcy protection — but that plan depends on a bit of help from friends and families of current and retired staff. The Resource Advantage Group, or RA Group, says it already has more than $200,000 in pledges to help buy US Airways, Melvin Blocker, a 28-year veteran who retired from the airline in 1993, tells The Charlotte Observer. "The dreams and opportunities that brought us to this industry are being destroyed and our efforts ignored," the group says on its Web site:http://www.ragroup.org/ "The future of this airline appears grim at best and this may be our last chance to stop the downward spiral in which we (are) caught."
RA Group partnered with Smith Barney to collect money for the venture. Backers haven't figured out how much they'll need to take over the carrier, but they do say they would install new management. Tantalizingly, the group notes that Gordon Bethune is soon leaving as CEO of Continental. Meanwhile, current pilots at the airline say they expect "minimal" or no layoffs associated with their new contract. There had been fears of a massive cut of cockpit crew. It's just as well: US Airways has canceled about 80 weekend flights, citing temporary crew shortages — mainly pilots, who had maxed out their contract-mandated cap of 85 hours per month. The new contract allows them up to 95 hours a month.
A group of former pilots hopes to buy US Airways and fly it out of bankruptcy protection — but that plan depends on a bit of help from friends and families of current and retired staff. The Resource Advantage Group, or RA Group, says it already has more than $200,000 in pledges to help buy US Airways, Melvin Blocker, a 28-year veteran who retired from the airline in 1993, tells The Charlotte Observer. "The dreams and opportunities that brought us to this industry are being destroyed and our efforts ignored," the group says on its Web site:http://www.ragroup.org/ "The future of this airline appears grim at best and this may be our last chance to stop the downward spiral in which we (are) caught."
RA Group partnered with Smith Barney to collect money for the venture. Backers haven't figured out how much they'll need to take over the carrier, but they do say they would install new management. Tantalizingly, the group notes that Gordon Bethune is soon leaving as CEO of Continental. Meanwhile, current pilots at the airline say they expect "minimal" or no layoffs associated with their new contract. There had been fears of a massive cut of cockpit crew. It's just as well: US Airways has canceled about 80 weekend flights, citing temporary crew shortages — mainly pilots, who had maxed out their contract-mandated cap of 85 hours per month. The new contract allows them up to 95 hours a month.
