Reuters
Us Airways defaults on $44.5 mln Airbus payment
Monday March 3, 8:59 pm ET
ARLINGTON, Va., March 3 (Reuters) - Bankrupt US Airways Inc. (OTC BB:UAWGQ.OB - News) said on Monday it did not make certain payments due on trust certificates related to 23 Airbus aircraft totaling about $44.5 million.
The company, based in Arlington, Virginia, said it is in discussions with interested parties regarding the payments and it expects to reach an agreement during the five-business-day cure period allowed under the certificates.
As of Feb. 28, the No. 7 airline said its unrestricted cash position was about $480 million.
On Jan. 17, the bankruptcy court approved the company''s disclosure statement with respect to its amended reorganization plan and authorized a balloting and solicitation process that began on Jan. 31, and will end on March 10.
A hearing on confirmation of the amended plan is scheduled for March 18, the company said.
Us Airways defaults on $44.5 mln Airbus payment
Monday March 3, 8:59 pm ET
ARLINGTON, Va., March 3 (Reuters) - Bankrupt US Airways Inc. (OTC BB:UAWGQ.OB - News) said on Monday it did not make certain payments due on trust certificates related to 23 Airbus aircraft totaling about $44.5 million.
The company, based in Arlington, Virginia, said it is in discussions with interested parties regarding the payments and it expects to reach an agreement during the five-business-day cure period allowed under the certificates.
As of Feb. 28, the No. 7 airline said its unrestricted cash position was about $480 million.
On Jan. 17, the bankruptcy court approved the company''s disclosure statement with respect to its amended reorganization plan and authorized a balloting and solicitation process that began on Jan. 31, and will end on March 10.
A hearing on confirmation of the amended plan is scheduled for March 18, the company said.