US Airways reports completion of liquidity improvement programme

Posted on: Tue, 24 Nov 2009 10:48:00 EST

Symbols: LCC

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Nov 24, 2009 (AIRLINE INDUSTRY INFORMATION via COMTEX) --
LCC | Quote | Chart | News | PowerRating -- US Airways (NYSE:LCC) reported on Tuesday that it has completed a
series of transactions with some of its business partners designed to
improve its near-term and future liquidity.

Over the next three years, US Airways plans to significantly reduce its
capital expenditures and the company plans to eliminate the need to
access aircraft finance markets in 2010 and extend certain debt
maturities.

These transactions have improved the company's projected year-end 2009
liquidity by around USD150m and will generate an aggregate of
approximately USD450m of projected liquidity improvements by the end of
2010.

The company's actions will include the deferral of 54 Airbus aircraft,
which were previously scheduled to be delivered between 2010 and 2012
and will now be delivered from 2013. These deferrals will decrease US
Airways' aircraft capital expenditures over the next three years by
around USD2.5bn and will reduce near and medium-term obligations to
Airbus and others by around USD132m.

Commencement of US Airways' Airbus A350 XWB operations, with aircraft
deliveries originally scheduled to take place from 2015, have been
postponed until 2017.

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