TEMPE, Ariz., Oct 19, 2010 (BUSINESS WIRE) --
US Airways Group, Inc. (NYSE: LCC) today released the following statement regarding its ongoing discussions with Mesa Air Group and its Chapter 11 Bankruptcy case:
US Airways and Mesa have signed a non-binding term sheet which outlines an agreement in principle for an extension of 39 months from the current scheduled expiration of June 30, 2012, for the operation of 38 CRJ900 aircraft under the companies' codeshare and revenue sharing agreement. The term sheet also includes a reduction in the rates paid by US Airways to Mesa to operate those aircraft. The transaction contemplated by the term sheet is subject to a number of conditions, including the negotiation and execution of definitive documents, approval by the US Airways and Mesa boards of directors, US Airways' approval of Mesa's Plan of Reorganization, and approval by the U.S. Bankruptcy Court.
About US Airways
US Airways, along with US Airways Shuttle and US Airways Express, operates more than 3,100 flights per day and serves more than 200 communities in the U.S., Canada, Mexico, Europe, the Middle East, the Caribbean, Central and South America. The airline employs more than 31,000 aviation professionals worldwide and is a member of the Star Alliance network, which offers its customers more than 21,200 daily flights to 1,172 airports in 181 countries. Together with its US Airways Express partners, the airline serves approximately 80 million passengers each year and operates hubs in Charlotte, N.C., Philadelphia and Phoenix, and a focus city in Washington, D.C. at Ronald Reagan Washington National Airport. For more company information, visit usairways.com. (LCCG)
Forward Looking Statements
Certain of the statements contained or referred to herein should be considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "may," "will," "expect," "intend," "anticipate," "believe," "estimate," "plan," "project," "could," "should," and "continue" and similar terms. The forward looking statements including, among others, the statements regarding the potential amended agreement between the Company and Mesa, and the likelihood of completion, approval and implementation of any such agreement. Additional factors that may affect the future results of the Company are set forth in the section entitled "Risk Factors" in the Company's Report on Form 10-Q for the quarter ended June 30, 2010 and in the Company's other filings with the SEC, which are available at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.usairways.com&esheet=6473242&lan=en-US&anchor=www.usairways.com&index=1&md5=6cefdd299cd88fca8d19af951f77a326.
SOURCE: US Airways Group, Inc.
US Airways Group, Inc.
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