US Airways-America West Merger Clears Federal Panel
Posted on: Saturday, 23 July 2005, 12:00 CDT
WASHINGTON (AP) -- A federal panel on Friday approved a bid by US Airways Group Inc. and America West Holdings Corp. to merge, clearing a hurdle to the companies' goal of combining to compete against lower-cost rivals.
The federal Air Transportation Stabilization Board said the proposed merger "should better both airlines' competitiveness in a challenging industry environment."
US Airways Group, based in Arlington, Va., is the nation's seventh largest carrier. America West of Tempe, Ariz., is the eighth largest. The companies announced their intention to merge in May.
The deal, which has gotten a green light from the Justice Department, still must be cleared by the U.S. Bankruptcy Court in Alexandria, Va.
The merger with America West is designed to provide the final investment necessary to allow US Airways to emerge from bankruptcy.
The companies say they are on track to complete all regulatory and court requirements and to close on the merger by late September or early October.
America West Chairman and Chief Executive Officer Doug Parker hailed the board's decision, saying it "continues the positive momentum for our planned merger and brings us one step closer to building a stable future for our airlines."
Source: Deseret News (Salt Lake City)
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