APPLETON, WI -- Air Wisconsin Airlines Corporation announces it has agreed to provide a $35 million loan to US Airways Inc. The loan has an initial term of twelve months with optional monthly extensions totaling an additional twelve months, provided certain conditions are met. The loan agreement is part of the comprehensive liquidity program US Airways announced on Oct. 23, through which it raised a total of approximately $950 million of financing and near-term liquidity commitments. On Oct. 20, 2008 US Airways closed on approximately $800 million of these transactions, which included the $35 million in proceeds from Air Wisconsin.
“As the regional carrier operating the largest fleet of US Airways Express aircraft, Air Wisconsin remains committed to supporting US Airways success,” says Air Wisconsin President and CEO Jim Rankin. “This investment represents a continuation of the strong partnership between Air Wisconsin and US Airways, and demonstrates our support for the US Airways team and the actions they have taken to navigate a very difficult economic environment.”
“We are extremely appreciative of the commitment Air Wisconsin made two weeks ago as a part of our comprehensive liquidity program and greatly value their support," says US Airways Express President Dion Flannery. "We will work diligently so our customers continue to benefit from our partnership and look forward to succeeding together.”