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Alabama Fund Wins US Air Equity Bid

IN BRIEF / AIRLINES

November 19, 2002|From Reuters

US Airways Group Inc. named the Retirement Systems of Alabama as the winning bidder for an eventual equity stake in the company. The fund was the sole bidder.

Arlington, Va.-based US Airways, which is operating under Chapter 11 bankruptcy protection, said its choice of the Alabama pension fund buttressed its plans for a "fast-track" emergence from bankruptcy.

The Alabama fund offered $500 million in emergency financing to keep the airline's operations running during bankruptcy, along with $240 million for a 37.5% equity stake in the firm upon its emergence from bankruptcy.

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