US Airways gets deal allowing it to retain use of fleet

By Jeff Pines

Washington, Nov. 11 - Bankrupt US Airways Group Inc. said its lenders and lessors will let it continue using its fleet of airliners in return for an agreement that the Arlington-based airline cure and make future payments on time for all but 27 of its 282 aircraft.

For 17 of the remaining 27 aircraft, US Airways has secured alternative interim financing arrangements and is continuing to negotiate for the use of the other 10 aircraft.

"Our intent is to focus on those few aircraft that for a variety of reasons may no longer be economical to fly, and if there is a downsizing of the fleet, that it be minimal, and that it be transparent to our customers," said Bruce Lakefield, US Airways president and chief executive officer, in a news release.

Lakefield said that the February 2005 schedule US Airways announced last month provided for nearly 230 additional daily flights without adding any new aircraft due to changes in flying patterns and efficiencies - the equivalent of about 27 additional aircraft to the current fleet.

US Airways filed for bankruptcy on Sept. 12 in the U.S. Bankruptcy Court for the Eastern District of Virginia. Its Chapter 11 case number is 04-13819.

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