On 4/1/2003 9:15:12 AM dfw79 wrote:
Any ideas when U will begin trading again? What is the procedure here on out...new IPO, etc?
Edit: Oops, Topic should be When, not Why.
From the press release:
Consistent with the plan of reorganization confirmed by the U.S. Bankruptcy Court on March 18, 2003, the company''s prior common stock has been cancelled. New restricted stock is being distributed in accordance with post-petition agreements. In exchange for its $240 million investment, RSA holds the lead investor position in the company with a 36.6 percent stake (on a fully diluted basis). The remaining stock will be divided as follows: Air Line Pilots Association (19.3 percent); other employees (10.8 percent); Unsecured Creditors (10.5 percent); ATSB (10.0 percent); management (7.8 percent); and General Electric (5.0 percent). US Airways will be listed on a public stock exchange, but those details were not disclosed, pending the completion of listing requirements and the distribution of unrestricted stock.