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StumbleCreditors to get either stock or 10 percent under plan
Friday, July 1, 2005 | 9:16 a.m.
McLEAN, Va. -- Creditors of bankrupt US Airways will receive either 10 percent of the money owed them or stock in the new airline under a reorganization plan filed Thursday in bankruptcy court.
US Airways Group Inc., the nation's seventh-largest carrier, filed for bankruptcy protection in September, its second trip into Chapter 11 since 2002.
The airline hopes to emerge from bankruptcy by year's end by being acquired by America West Holdings Corp., the parent of Arizona-based America West Airlines.
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