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Gecas helps US Airways out
01 December 2004
US Airways has reached an agreement with Gecas and GE Engine Services for its aircraft leasing, financing and engine maintainance.
The deal will provide the airline with short-term liquidity and reduce its debt.
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Airways
airline
Chapter 11
aircraft leasing
GECAS
US Airways
US Airways has reached an agreement with Gecas and GE Engine Services for its aircraft leasing, financing and engine maintainance.
The deal will provide the airline with short-term liquidity and reduce its debt.
If the transaction is approved by the US Bankruptcy Court, it provide US Airways with $140 million of cash through a new bridge facility. It will also allow the airline to defer aircraft debt and lease payments due over the next six months.
In total, US Airways expects the agreement to provide over $80 million in annual cash savings and aircraft ownership and...
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