US Airways Files For Chapter 11
Airlines Seeks Bankrupty Protection For Second Time In 2 Years
POSTED: Sunday, September 12, 2004
UPDATED: 6:02 pm EDT September 12,
2004
ARLINGTON, Va. -- US Airways Group has filed for bankruptcy protection for the second time in two years.
The company's president is vowing to continue restructuring the nation's seventh-biggest airline into a low-cost carrier during the bankruptcy process."A restructured US Airways with low costs and low fares will be a dynamic competitor," said company president Bruce Lakefield. The Chapter 11 filing came after US Airways was unable to obtain $800 million in annual cost cuts from its workers' unions that the airline said it needed to stay afloat.According to a company statement, flight operations and customer service programs will continue as normal.
The company's president is vowing to continue restructuring the nation's seventh-biggest airline into a low-cost carrier during the bankruptcy process."A restructured US Airways with low costs and low fares will be a dynamic competitor," said company president Bruce Lakefield. The Chapter 11 filing came after US Airways was unable to obtain $800 million in annual cost cuts from its workers' unions that the airline said it needed to stay afloat.According to a company statement, flight operations and customer service programs will continue as normal.Distributed by Internet Broadcasting Systems, Inc. The Associated Press contributed to this report. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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