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US Airways granted approval for $502.5 million in aircraft sale, leaseback transactions
By Caroline Salls
Pittsburgh, Sept. 19 - US Airways Group, Inc. obtained court approval for the $229.5 million sale and leaseback of nine Airbus A319s and the $273 million sale and leaseback of five Airbus A330s, according to Monday filings with the U.S. Bankruptcy Court for the Eastern District of Virginia.
RPK Capital V, LLC will purchase the nine A319s and Fortress Investment Group LLC will purchase the five A330s.
As previously reported, US Airways will realize more than $120 million in additional liquidity from the sale, bringing the total liquidity generated from aircraft transactions in connection with its emergence from Chapter 11 to about $300 million, which is expected to strengthen its cash position as part of its proposed merger with America West Airlines.
"The additional liquidity realized from these transactions, when added to the cash being generated from other capital resources, should allow us to emerge from Chapter 11 with an even larger cash cushion than originally anticipated," US Airways executive vice president of finance and chief financial officer Ron Stanley said in a Sept. 2 news release.
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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