US Airways receives no competing offers to America West merger

By Caroline Salls

Pittsburgh, July 1 - US Airways, Inc.'s 30-day period for alternative offers on its proposed merger with America West Airlines has ended without any competing offers, according to a company news release.

"It would have been difficult for other offers to have provided comparable value to our stakeholders, and with this bidding process now behind us, we will begin planning with America West for the integration of our two companies," US Airways president and chief executive officer Bruce R. Lakefield said in the release.

"In formulating our merger proposal with America West, we took a comprehensive approach built on a robust business plan, a strong balance sheet, an attractive customer proposition and support from key stakeholders."

Lakefield said over the past 10 days, the company has made significant progress in laying the groundwork for completing the merger, including antitrust clearance from the Department of Justice, the filing of registration statements with the Securities and Exchange Commission and the submission of its disclosure statement and plan of reorganization with the bankruptcy court.

Lakefield said the company is also in discussions with other potential financing partners to provide additional liquidity for the transaction.

US Airways, an Arlington, Va.-based airline, filed for bankruptcy on Sept. 12, 2004. Its Chapter 11 case number is 04-13819.

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