SEC Filing
ARLINGTON (theHub.com) - In a required quarterly filing with the Securities and Exchange Commission, the company said that while it was in compliance with financial covenants of federally guaranteed loans as of June 30, “it anticipates risk of failing to comply with the covenants as of Sept. 30, 2004.â€
The Form 10-Q, which is required of all publicly held companies, includes financial information and potential risks to investors. In the filing yesterday, US Airways said failure to achieve a competitive cost structure and to complete its Transformation Plan on a consensual basis “will force the company to re-examine its strategic options, including, but not limited to, a judicial restructuring.â€
The company stressed the need to achieve its Transformation Plan during the third quarter “in light of the potential loss of financing for new regional jets, violation of debt covenants and significant collateralization events under certain credit card processing agreements.â€
Terms of the loan guaranteed by the Air Transportation Stabilization Board require US Airways to maintain certain cash and debt terms, among other items.
Respectfully,
USA320pilot
ARLINGTON (theHub.com) - In a required quarterly filing with the Securities and Exchange Commission, the company said that while it was in compliance with financial covenants of federally guaranteed loans as of June 30, “it anticipates risk of failing to comply with the covenants as of Sept. 30, 2004.â€
The Form 10-Q, which is required of all publicly held companies, includes financial information and potential risks to investors. In the filing yesterday, US Airways said failure to achieve a competitive cost structure and to complete its Transformation Plan on a consensual basis “will force the company to re-examine its strategic options, including, but not limited to, a judicial restructuring.â€
The company stressed the need to achieve its Transformation Plan during the third quarter “in light of the potential loss of financing for new regional jets, violation of debt covenants and significant collateralization events under certain credit card processing agreements.â€
Terms of the loan guaranteed by the Air Transportation Stabilization Board require US Airways to maintain certain cash and debt terms, among other items.
Respectfully,
USA320pilot
