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BUSINESS
September 28, 2004 | From Associated Press
US Airways Group Inc. warned in a Bankruptcy Court filing that it might have to liquidate by February unless a judge imposes a temporary 23% pay cut on its union employees. The airline has asked Judge Stephen Mitchell to impose the pay cuts by Oct. 14 at the latest. Mitchell has scheduled an Oct. 7 hearing on the issue.
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BUSINESS
March 27, 2002 | Associated Press
US Airways Chief Executive David Siegel is warning employees that the struggling airline can no longer afford to pay salaries comparable to those at its largest competitors. Siegel said the company will continue to meet its contractual obligations. But he warned that management may soon seek across-the-board concessions from its unions. Roy Freundlich, a spokesman for the US Airways unit of the Air Line Pilots Assn., said the union would reject any efforts to extract pay concessions.
BUSINESS
May 18, 2002 | Bloomberg News
US Airways Group Inc. said it would attempt to shave $950million in annual labor expenses as part of a restructuring plan that would include requesting a $1-billion loan guarantee from the U.S. government. The carrier needs to shore up finances after a record loss last year of $2.1 billion and daily losses this year. Shares of Arlington, Va.-based US Airways rose 14 cents to $3.24 on the NYSE.
NATIONAL
December 15, 2002 | From Times Wire Reports
The union representing pilots at US Airways Group Inc. said that it had ratified an agreement on $100 million in cost-cutting measures to help keep the airline from closing. The Air Line Pilots Assn.'s Master Executive Council, which represents more than 4,000 pilots at the beleaguered airline, approved the measures, which include cuts in pay, pension and other benefits. The pilots group has already ratified $465 million in annual wage cuts and other concessions.
BUSINESS
November 2, 2002 | From Bloomberg News
US Airways Group Inc.'s third-quarter net loss narrowed to $335 million as the seventh-largest U.S. carrier, which filed for bankruptcy protection in August, cut workers, debt and flights. The loss of $4.92 a share narrowed from $766 million, or $11.42, a year earlier, when results were hurt by the Sept. 11 terrorist attacks, the Arlington, Va.-based airline said. Sales fell 12% to $1.75 billion. US Airways' results pushed the 10 major U.S. airlines' combined net loss to more than $2.
BUSINESS
October 27, 2006 | From Reuters
US Airways Group Inc. posted a third-quarter loss after fuel hedging and merger-related costs. Excluding special items, however, the carrier's profit topped analysts' expectations. The airline, formed from the merger last year of US Airways and America West Airlines Holdings Corp., reported a net loss of $78 million, or 88 cents a share, compared with a loss of $99 million, or $5.74, for America West a year earlier. For accounting purposes, America West was treated as the acquiring company.
BUSINESS
July 28, 2004 | From Bloomberg News
US Airways Group Inc.'s second-quarter profit more than doubled, with sales rising 10% and labor costs declining as the carrier sought to avoid a second bankruptcy filing. Net income rose to $34 million, or 59 cents a share, from $13 million, or 25 cents, a year earlier, which included U.S. aid for security expenses, the Arlington, Va.-based carrier said. Sales climbed to $1.96 billion. US Airways' labor expenses fell $95 million, or 13%, in the quarter.
BUSINESS
September 25, 2001 | Associated Press
US Airways Group Inc. said it will shut down MetroJet, its low-cost operation based at Baltimore-Washington International Airport, by December. "As a result of the government's and public's reaction to [the Sept. 11] terrorist attacks, and the closing of Washington's Reagan National Airport, a new security system and a dramatic decrease of airline traffic, we have to reduce our costs dramatically," the company said in a recorded message for employees.
BUSINESS
July 8, 2001 | James F. Peltz
More than a year after UAL Corp.'s United Airlines agreed to acquire US Airways for $4.3 billion, the companies said they're in talks to scrap the deal. Although the carriers didn't provide details, people close to the situation said the merger would have raised serious antitrust objections from the Justice Department and the airlines weren't prepared to accept the terms necessary to get the deal closed.
BUSINESS
February 22, 2003 | From Bloomberg News
US Airways Group Inc., which is seeking to emerge from Chapter 11 reorganization, told a federal judge it will have to liquidate unless it gets approval to terminate a pilot pension plan covering as many as 8,000 people. The carrier has asked U.S. Bankruptcy Judge Stephen Mitchell for permission to end the plan as of March 31, saying that it couldn't make $2 billion in pilot payments due over the next seven years. US Airways, based in Arlington, Va.
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