S&P cuts US Airways rating to selective default [Archive]

doc

Jun 25, 02, 1:03 pm

S&P cuts US Airways rating to selective default

Standard & Poor's on Tuesday cut its credit ratings on US Airways Group Inc. (NYSE:U - News) and US Airways Inc. to selective default from "CCC-plus" after the company said it had deferred debt payments to selected aircraft lessors and lenders.

http://biz.yahoo.com/rc/020625/aerospace_usair_s_p_urgent_1.html

doc

Jul 1, 02, 2:46 pm

Further Strategic Aircraft Payment Deferrals as Part of Proposed Consensual Restructuring Plan

US Airways Group, Inc. today said that it completed submission on June 28, 2002, of its final application with the Air Transportation Stabilization Board for a $900 million federal loan guarantee of a $1 billion loan -- including identification to the ATSB of the initial lenders that have agreed to participate in the financing by providing the $100 million "at risk" portion of the loan.

The Company also said that it will begin deferring payments on public debt relating to aircraft that have already been grounded as well as selected older Boeing aircraft in service that have been targeted for debt modification as part of the Company's restructuring plan. The Company is currently negotiating with various creditors to reduce and restructure its costs and obligations under existing agreements, and these discussions will now include indenture trustees of the public debt issues affected.

http://biz.yahoo.com/prnews/020701/dcm033_1.html

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US Airways flight attendants strike tentative deal

US Airways flight attendants reached a tentative agreement on Sunday night in a deal that will provide the airline with $77 million a year in cost savings for the next six years, the flight attendants' union said on Monday.

http://biz.yahoo.com/rc/020701/airlines_usairways_1.html

[This message has been edited by doc (edited 07-01-2002).]