US Airways’ Loan Package Restructured
From Associated Press and Bloomberg News
The government restructured the terms of its $1-billion loan package to struggling US Airways Group Inc., giving the airline some financial breathing room in exchange for an early repayment of part of the loan.
The agreement loosens some financial targets that the seventh-largest U.S. carrier had to meet starting June 30 and requires it to be profitable in 2005. In return, US Airways prepaid $250 million to reduce the remaining loan balance to $726 million.
Shares of US Airways rose 2 cents to $4.80 on Nasdaq.
