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Fri, Nov 07, 2008

US Airways Receives Cash Infusion From Regional Carrier

Air Wisconsin Lends Airline $35 Million

US Airways is getting by with a little help from its friends. Air Wisconsin Airlines revealed Thursday it plans to provide the carrier with a $35 million loan, as part of a larger $950 million financing plan US Airways announced in October.

The Milwaukee Journal-Sentinel reports the loan has a 12-month initial term, though US Airways may opt to double that timeframe for additional penalties, and assuming certain conditions are met.

Air Wisconsin is a regional subsidiary for US Airways.

"As the regional carrier operating the largest fleet of US Airways Express aircraft, Air Wisconsin remains committed to supporting US Airways success," said Air Wisconsin president and CEO Jim Rankin.

US Airways reports it has closed on roughly $800 million in new funding as of October 20. Half that amount will be used to pay down interest against the  $1.6 billion bank debt the airline carries, with the balance going toward normal operating costs.

There's no doubt, we're talking serious money here... as the loan amount from Air Wisconsin alone could buy 17.5 million Cokes onboard US Airways flights!



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