US airline merger clears first hurdle
The US Department of Justice has cleared the way for the merger between America West and US Airways.
The merger remains subject to approval from America West shareholders, US Airways creditors and the US Bankruptcy Court, the Securities and Exchange Commission, the US Department of Transportation and the Air Transportation Stabilization Board.
But both carriers hope to finalise the deal by the autumn.
The two airlines announced plans to merge last month to create a low fares carrier under the US Airways brand connecting more than 200 destinations.
When completed, the merger will be backed by $500 million in new equity investment plus other potential equity and financing sources still under negotiation, and participation by suppliers and business partners that will provide the company with more than $1.5 billion in cash at the time of the transactions closing, a joint statement said.
The statement added that both airlines remain on track to secure all necessary regulatory approvals this summer, with the goal of closing on transaction by early autumn.
Report by Phil Davies
Phil Davies
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