US Airways yesterday filed a reorganization plan with the bankruptcy court overseeing its Chapter 11 case. Along with the plan, the airline filed a disclosure statement related to its planned merger with America West Airlines. The court scheduled an Aug. 9 hearing to approve the disclosure statement.
US Airways' filings yesterday generally included information made available when it in May announced plans to combine with AWA
(BTN, June 6). The airlines said they remain on schedule to close their merger "by late September or early October." Meanwhile, the period during which other investors and interested parties can submit competing bids is scheduled to expire today at 5 p.m. EDT.
US Airways' domestic partner United Airlines this morning in a bankruptcy court filing said it intends to submit its plan of reorganization "on or about" Aug. 1. "Today's filing represents perhaps the most significant step forward in our restructuring," said Glenn Tilton, UAL president, CEO and chairman.
United said its proposed timeline keeps it "on track" to complete bankruptcy proceedings this fall. The company asked the court to schedule a hearing in early September to approve its disclosure statement.