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Wed, Sep 22, 2004

Unsecured Creditors: Keep US Airways Flying!

Lakefield Wants To Emerge From Bankruptcy As Regional LCC

US Airways four major unions and nine biggest creditors are now members of the creditors' committee, aimed at seeing the airline through its second bankruptcy in as many years.

The Washington Post reports almost 200 lawyers, creditors and financial types crowded into a hotel ballroom, hoping for a spot on the creditors' committee. They also heard from CEO Bruce Lakefield, who told them US Airways hopes to emerge from its latest bankruptcy as a low-cost carrier, along the lines of a Southwest or a JetBlue.

But in the meantime, Lakefield says he needs $800 million in further concessions from the unions, If they don't give up the concessions voluntarily, the bankruptcy court could order them enacted on a temporary basis.

"We intend to use all the tools that are available to us," Lakefield was quoted by the Post as saying. "No matter what, the survival of the airline depends on having comparable wages with low-cost carriers."

FMI: www.usairways.com

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