A320 EOW
Aug 8, 02, 12:03 pm
I thought this was an interesting estimate of aircraft values.
http://biz.yahoo.com/e/020808/u.html
Item 5. Other Events.
On August 8, 2002, US Airways, Inc. (the "Company") is holding a meeting of its bondholders in New York. A notice of such meeting dated July 26, 2002 was previously sent to bondholders and is attached hereto as an exhibit to this filing. At the meeting, the Company will discuss its restructuring efforts, which discussions will be consistent with the Company's prior public statements. In addition, the Company will discuss the view of its financial advisor, Seabury Advisors LLC, as to their estimated economic values in the current aircraft market, which views are summarized as follows:
Aircraft Value ($ millions) Monthly Lease Rates ($ thousands)
B737-300 $7.5 to $8.5 $90.0 to $105.0
B737-400 $9.5 to $11.0 $110.0 to $120.0
B757-200 $17.0 to $19.0 $175.0 to $220.0
B767-200 $18.5 to $19.5 $215.0 to $230.0
Before deducting from these economic values the cost to ensure the aircraft are at half-time condition for airframe/engines/components; fresh from "C"-check (or equivalent); clearance of Airworthiness Directives; and before subtracting carrying capital costs, storage and remarketing fees/expenses.
Seabury's assessment also included estimates of net economic realizable value, taking into account aircraft age, maintenance condition, remarketing and carrying costs, as follows:
Aircraft Value ($ millions) Monthly Lease Rates ($ thousands)
B737-300 $6.0 to $7.0 $75.0 to $90.0
B737-400 $8.0 to $9.5 $90.0 to $100.0
B757-200 $14.5 to $16.5 $150.0 to $185.0
B767-200 $16.0 to $17.0 $180.0 to $195.0
After deducting a reasonable estimate of the possible cost of ensuring aircraft are in half-time condition for airframe/engines/ components; fresh from "C"-check (or equivalent); clearance of Airworthiness Directives; and before subtracting carrying capital costs, storage and remarketing fees/expenses.
Item 7. Financial Statements and Exhibits.
(c) The following exhibit is filed with this report:
99.1 Notice of Proposed Meeting, dated as of July 26,
2002, with US Airways, Inc. and the Holders of US
Air 1987 Equipment Trust Certificates, Series A-F;
US Air 1988 Equipment Trust Certificates, Series
A-L; Piedmont 1988 Equipment Trust Certificates,
Series A-K; US Air 1989-A Pass Through Certificates,
Series 1989-A; US Air 1990 Equipment Trust
Certificates, Series A-D; US Air 1990-A Pass Through
Certificates, Series 1990-A; US Air 1990-B Pass
Through Certificates, Series 1990-B; US Air 1991-C
and D Pass Through Certificates; Series 1991-C and
D; US Air 1993-A Pass Through Certificates; Series
1993-A; and US Air 1996 Enhanced Equipment Notes,
Class A-C; to be held on Thursday, August 8, 2002.
http://biz.yahoo.com/e/020808/u.html
Item 5. Other Events.
On August 8, 2002, US Airways, Inc. (the "Company") is holding a meeting of its bondholders in New York. A notice of such meeting dated July 26, 2002 was previously sent to bondholders and is attached hereto as an exhibit to this filing. At the meeting, the Company will discuss its restructuring efforts, which discussions will be consistent with the Company's prior public statements. In addition, the Company will discuss the view of its financial advisor, Seabury Advisors LLC, as to their estimated economic values in the current aircraft market, which views are summarized as follows:
Aircraft Value ($ millions) Monthly Lease Rates ($ thousands)
B737-300 $7.5 to $8.5 $90.0 to $105.0
B737-400 $9.5 to $11.0 $110.0 to $120.0
B757-200 $17.0 to $19.0 $175.0 to $220.0
B767-200 $18.5 to $19.5 $215.0 to $230.0
Before deducting from these economic values the cost to ensure the aircraft are at half-time condition for airframe/engines/components; fresh from "C"-check (or equivalent); clearance of Airworthiness Directives; and before subtracting carrying capital costs, storage and remarketing fees/expenses.
Seabury's assessment also included estimates of net economic realizable value, taking into account aircraft age, maintenance condition, remarketing and carrying costs, as follows:
Aircraft Value ($ millions) Monthly Lease Rates ($ thousands)
B737-300 $6.0 to $7.0 $75.0 to $90.0
B737-400 $8.0 to $9.5 $90.0 to $100.0
B757-200 $14.5 to $16.5 $150.0 to $185.0
B767-200 $16.0 to $17.0 $180.0 to $195.0
After deducting a reasonable estimate of the possible cost of ensuring aircraft are in half-time condition for airframe/engines/ components; fresh from "C"-check (or equivalent); clearance of Airworthiness Directives; and before subtracting carrying capital costs, storage and remarketing fees/expenses.
Item 7. Financial Statements and Exhibits.
(c) The following exhibit is filed with this report:
99.1 Notice of Proposed Meeting, dated as of July 26,
2002, with US Airways, Inc. and the Holders of US
Air 1987 Equipment Trust Certificates, Series A-F;
US Air 1988 Equipment Trust Certificates, Series
A-L; Piedmont 1988 Equipment Trust Certificates,
Series A-K; US Air 1989-A Pass Through Certificates,
Series 1989-A; US Air 1990 Equipment Trust
Certificates, Series A-D; US Air 1990-A Pass Through
Certificates, Series 1990-A; US Air 1990-B Pass
Through Certificates, Series 1990-B; US Air 1991-C
and D Pass Through Certificates; Series 1991-C and
D; US Air 1993-A Pass Through Certificates; Series
1993-A; and US Air 1996 Enhanced Equipment Notes,
Class A-C; to be held on Thursday, August 8, 2002.