US Airways, America West Get Another Investor
Jul 8, 2005, 4:25 pm
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US Airways, America West Get Another Investor
US Airways and America West yesterday announced they have secured another investor for the US Airways/America West merger. The Tudor Group is contributing another $65 million in equity financing.
The Tudor Group, which consists of Tudor Investment Corporation and its affiliates, is involved in active trading, investing, and research in the global equity, debt, currency, and commodity markets. Founded in 1980 by Paul Tudor Jones II, the firm currently manages over $11 billion.
The other equity partners funding the US Airways reorganization and merger with America West are ACE Aviation Holdings Inc., the parent company of Air Canada (a $75 million commitment); PAR Investment Partners, L.P., a Boston-based investment firm (a $100 million commitment); Peninsula Investment Partners, L.P., a Virginia-based investment firm (a $50 million commitment); and Eastshore Holdings LLC, which is owned by Air Wisconsin Airlines Corp. and its shareholders (a $125 million commitment and an agreement to provide regional airline services). The rights offering could provide an additional $150 million of equity financing.
As announced, the merger will be funded by $565 million in new equity investment and participation by suppliers and business partners that will provide the company with approximately $1.5 billion in liquidity.
Terms of the Tudor agreement have been filed with the U.S. Bankruptcy Court for the eastern district of Virginia, where the US Airways case is being heard.
The Tudor Group, which consists of Tudor Investment Corporation and its affiliates, is involved in active trading, investing, and research in the global equity, debt, currency, and commodity markets. Founded in 1980 by Paul Tudor Jones II, the firm currently manages over $11 billion.
The other equity partners funding the US Airways reorganization and merger with America West are ACE Aviation Holdings Inc., the parent company of Air Canada (a $75 million commitment); PAR Investment Partners, L.P., a Boston-based investment firm (a $100 million commitment); Peninsula Investment Partners, L.P., a Virginia-based investment firm (a $50 million commitment); and Eastshore Holdings LLC, which is owned by Air Wisconsin Airlines Corp. and its shareholders (a $125 million commitment and an agreement to provide regional airline services). The rights offering could provide an additional $150 million of equity financing.
As announced, the merger will be funded by $565 million in new equity investment and participation by suppliers and business partners that will provide the company with approximately $1.5 billion in liquidity.
Terms of the Tudor agreement have been filed with the U.S. Bankruptcy Court for the eastern district of Virginia, where the US Airways case is being heard.
