山东莱阳千树万树梨花开
16 年前
2011年8月14日星期日
US Airways Declares Bankruptcy a Second Tim
By Mario Ritter
2004-9-23
2004-9-23
US Airways came out of bankruptcy protection in April of two thousand three. It had cut about two thousand million dollars in costs. But that still was not enough. US Airways could not make a profit.
US Airways received help from the Air Transportation Stabilization Board. The government established this agency to aid airlines after the attacks of September eleventh, two thousand one.
The government board has agreed to permit US Airways to continue its business under bankruptcy protection. But the agency has restricted the amount of money the company can spend.
The board agreed to guarantee nine hundred million dollars in loans for US Airways. The company received the largest loan guarantee of any airline. The guarantee made it easier for US Airways to find creditors.
The company then tried to get workers to agree to new pay cuts worth about eight hundred million dollars. This time, the unions rejected the proposal.
The company declared bankruptcy again earlier this month in Alexandria, Virginia. The announcement came days before the airline would have had to pay more than one hundred million dollars into employee retirement plans.
This is Gwen Outen with the VOA Special English Economics Report.
A business receives legal protection from its creditors when it declares bankruptcy. But what happens when a company declares bankruptcy twice in just two years?
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