Air Transport World

US Airways closer to bankruptcy exit. (News Briefs).

US Airways moved closer to emerging from bankruptcy after reaching consensual deals with its organized labor groups on almost $200 million in additional annual savings that the airline and Retirement Systems of Alabama said were necessary in light of the deteriorating revenue environment. RSA had threatened to withhold further funding if the curs were not approved. They are in addition to $840 million in annual concessions the unions agreed to provide when US Airways entered bankruptcy.

Under the airline's reorganization plan filed Dec. 20, unsecured creditors will receive only 1.6-2 cents in new common stock for every $1 of claims against the carrier. Current stockholders will get nothing. …

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