November 19, 1998 |
Rakesh Gangwal, president of US Airways, the nation's sixth-largest airline, was named chief executive of its parent company, US Airways Group Inc. Gangwal, 45, succeeds his colleague and mentor, Stephen M. Wolf, who remains chairman. The pair worked together first at United Airlines, a unit of UAL Corp., and at Air France before joining Arlington, Va.-based US Airways nearly three years ago.
August 3, 1999 |
Tiger Management, the hedge fund group run by Julian Robertson and the largest shareholder at US Airways Group Inc., said it may seek a sale or merger of the airline to rebuild its value after a year of slumping stock performance. Robertson-managed funds hold a 22.4% stake in Arlington, Va.-based US Airways, whose shares have lost half their value in the last year and hit a 52-week closing low Friday. Shares rose $2.88 to close at $38.50 Monday on the New York Stock Exchange.
August 7, 2001 |
US Airways Group dismissed a takeover attempt made by Global Airlines Corp., a holding company with no operations that earlier this year failed to buy Trans World Airlines Inc. New York-based Global Airlines, which is owned by little-known investor Emil Bernard, offered to pay $1.8 billion, or $27 a share in cash and stock, for US Airways. "Neither Mr.
July 25, 2002 |
UAL Corp.'s United Airlines and US Airways Group Inc., the second- and seventh-largest U.S. carriers, agreed to sell tickets for each other's flights to help increase revenue. The alliance effectively extends each of the carrier's networks and lets passengers connect to the flights operated by the partner carrier. The airlines sought to combine in 2000 and later discarded the proposal because of regulatory opposition. UAL shares fell 70 cents to $4.70 and US Airways rose 36 cents to $2.
May 18, 2002 |
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.
February 7, 2004 |
US Airways Group Inc. cut its losses sharply in the fourth quarter, though the airline's top executive warned that it continued to lag behind financial goals. The Arlington, Va.-based company reported a loss of $98 million, or $1.82 a share, down from a loss of $794 million, or $11.67, a year earlier. Revenue increased 9.3% to $1.76 billion. Shares of US Airways rose 45 cents to $4.65 on Nasdaq.
September 28, 2004 |
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.
March 27, 2002 |
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.
December 15, 2002 |
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.
November 2, 2002 |
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.