Ailing US Airways ‘up for sale’
Investment banks have been hired to find potential buyers for loss-making US Airways. The move came as the carrier admitted that it continued to struggle against more efficient low cost competitors. The airline, which emerged from Chapter 11 bankruptcy protection last year, admitted that budget airlines had brought a “fundamental change” to the US aviation industry. Revealing reduced 2003 fourth quarter pre-tax losses of $99 million against $848 million for the same period in 2002, said: “We have made progress in reducing out losses but regrettably we are behind our plan of achieving sustained profitability.” The airline, which starts formally participating in the Star Alliance in the second quarter of 2004, revealed hat investment banking advisors had been engaged “in an exploratory process to identify and value its assets, and that includes identifying potential buyers”. US Airways has been seen as a potential target for Virgin Atlantic as chairman Sir Richard Branson seeks to establish an airline presence in North America. Report by Phil Davies
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