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Federal board conditionally approves loan

Wednesday, Feb. 12, 2003 | 9:46 a.m.

WASHINGTON -- US Airways, which hopes to emerge from bankruptcy by the end of March as a leaner, more efficient airline, Tuesday received the qualified blessing of the government agency that will guarantee $900 million in crucial financing.

The federal Air Transportation Stabilization Board (ATSB) praised US Airways' management for taking "a disciplined approach to executing its restructuring plan and reacting to changing economic conditions in the airline industry" and said it stood ready to guarantee $900 million in loans for US Airways when and if it emerges from bankruptcy.

The ATSB said its guarantee for US Airways is conditioned on several things occurring, including the bankruptcy court approving the reorganization plan and the airline resolving its pension issues. Last month US Airways said it would terminate the pilots' defined benefit plan and replace it with a less expensive defined contribution plan.

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