Us Airways Obtains Second $125 Million

[TBONEJ4J]

The CHQ Pilot Group is represented by the Teamsters - so forget about any ALPA protections.

Now might be a good time for the AAA MEC and the AFA to stand up for all the unfortunates at MidAtlantic.

 

[TheLarkAscending]

Anyone wanna bet that it is entitled US Airways Strategic Analysis?

[post="255570"][/post]​

 

[USA320Pilot]

Remember when I said that MDA assets, PSA, and/or Allegheny could be sold to obtain additional liquidity.

Guess what...

Separately, if Mesa or TSA does not lower their "fee for service" contract or provide equity financing, then they will be replaced by Air Wisconsin.

Regards,

USA320Pilot

 

[pitguy74]

Does it make sense to retrain all new employees with this deal?

Maybe it will be a pick and choose. Who knows at this point

 

[a320av8r]

According to the company Q&A on The Hub, Republic will honor the contracts and take employees.

 

[700UW]

Don't count on cooperation from the IBT.

 

[USA320Pilot]

Just one more point...remember when I said Chautauqua (Wexford Capital) and their CEO Brian Bedford could trump Mesa or Bedford could be a two time loser. Bedford is the leading outside candidate (with Bruce Ashby the leading inside candidate) to be Bruce Lakefield's replacement.

Regards,

USA320Pilot

 

[airbiiguy]

good job 320 pilot. we are all so proud that u are again rigth. want a cookie?

 

[700UW]

"Prior to the effective date of US Airways' plan of reorganization, but no later than Dec. 31, 2005, US Airways may exercise its option to obtain approximately $110 million through the sale of certain assets..."

It's prior to...
There's your other $100M.

You said MDA would implode when all of the MDA pilots go to jetBlue...
Well?

[post="255597"][/post]​

Apparently not:

Q: So does US Airways have other investors lined up?

A: The Republic/Wexford investment agreement is contingent on our securing at least $100 million more in equity financing, and we continue to talk to a number of interested parties. We have every reason to believe that we will raise at least $350 million of emergence equity financing, along with added liquidity from certain financing transactions to supplement our existing cash that remains from the ATSB loan.

 

[USA320Pilot]

"We are very pleased to have secured the support of a second, well-regarded investor and airline partner to help us build and finance our plan of reorganization," said Bruce R. Lakefield, US Airways president and chief executive officer. "The Republic management team has a proven track record and we look forward to an expanded relationship. We are well on our way to securing at least $350 million in new capital and continue to finalize our business plan that will leverage our competitive cost structure and strong market positions in the eastern U.S. and the Caribbean."

"This transaction provides us with new equity, reduced debt, enhanced liquidity, and a strengthened relationship with a key regional airline partner, as well as efficiencies in running the business that will allow us to focus more of our resources on the mainline operations," said Lakefield. "Overall, we will have both flexibility and a stronger regional jet network that will improve both our bottom line and service to our customers."

In light of this new equity commitment and substantial progress being made in US Airways' restructuring, General Electric's GECAS subsidiary and other affiliates have agreed to US Airways' request to extend the date by which the company will file its Plan of Reorganization until April 15, 2005.

Regards,

USA320Pilot

 

[PITbull]

Just one more point...remember when I said Chautauqua (Wexford Capital) and their CEO Brian Bedford could trump Mesa or Bedford could be a two time loser. Bedford is the leading outside candidate (with Bruce Ashby the leading inside candidate) to be Bruce Lakefield's replacement.

Regards,

USA320Pilot

[post="255610"][/post]​

USA320,

You can not predict a replacement for Lakefield anymore than you can predict fuel prices going forward and U's ability to sustain them.

 

[USA320Pilot]

Airbiiguy:

I guess I was right about the POR extension and GE participation too. Oh yea, Lakefield said that at the MEC meeting, but the PHL Reps and BoeingBoy neglected to say that too. How could that be?

See Story

By the way, PSA and Piedmont could be sold too.

Regards,

USA320Pilot

 

[700UW]

Don't break your arm patting yourself on the back.

Even a broken clock is right twice a day.

And it is not to hard to figure out MDA, Piedmont or PSA were the only things left to hock.

 

[airbiiguy]

Ok you made your point already. Jeez, were you an only child?

 

[fr8tmastr]

One thing to remember is that Mid Atlantic is not real, its all mgmt BS. If they sell airplanes, gates and simulators, that is all they are selling. They will transfer those assets to the lowest of the low, and if any employees are included it will only be because CHQ just happened to need them. Successorship of any airline sales will not happen because Mid Atlantic is not an airline. Just a division. We have had it now!