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A Climbing America West=20
Airline, Citing Loan Guarantee, Says It Is Out of 'Survival Mode'=20
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By Keith L. Alexander
Washington Post Staff Writer
Tuesday, June 25, 2002; Page E01=20
PHOENIX, June 24 -- Last December, the government stuck its neck out for
America West Airlines, telling lenders it would guarantee repayment of
$380 million in private loans to the carrier.
In return, the airline agreed that the government could profit from the
deal if America West's stock rose to a certain level over the seven-year
term of the loans. The deal was the first struck under a loan guarantee
program established by Congress to help the airlines after Sept. 11.
America West Chairman W. Douglas Parker met with reporters today to
argue that the government made a good bet.
Because of the loan guarantee, America West is rehiring the last 59 of
the 179 pilots it laid off, he said. That will mean that all 1,500
employees furloughed after Sept. 11 will be offered jobs at the airline.
The federal assistance also enabled the carrier to expand its routes,
including adding service to Raleigh-Durham, N.C.
By Parker's calculations, America West will be cash positive in the
quarter ending June 30, although not profitable. In December, it was
losing as much as $1.5 million a day and warned that it was near
bankruptcy.
Parker said the government guarantee allowed America West to get the
long-term financing it needed to focus on improving its operations. "It
has allowed us to manage this company for the future as opposed to near
term," he said. "No longer are decisions made simply to make it to the
next day. We've moved past the survival mode to planning for the
future."
One of those long-term strategic moves was made in March, when the
airline eliminated the requirement that travelers stay over Saturday
night to get cheaper fares. It also slashed business fares 40 percent to
70 percent. Competitors quickly matched the cuts, but the move still
helped America West win new business, said Scott Kirby, executive vice
president of marketing.
"They've been doing pretty well since they've gotten the loan
guarantees," said Moody's Investors Service Inc. analyst Richard
Bittenbender. "The company is still, as all airlines, struggling with
revenue. But they have the benefit of a lower cost structure and, of
course, the government backing." Investors, however, seemed unmoved by
Parker's positive report. America West's shares closed at $2.95, down 13
cents, or 4.22 percent.
Parker said airlines that apply for the federal loan guarantees should
"expect to pay a pretty high price."
For instance, although the loan guarantee gave America West more
breathing room, the carrier had to give the government warrants equal to
one-third of its fully diluted common stock. The warrants were issued at
$3 a share and the government can cash them in if the stock price rises
to a certain level within a specific time period.
Parker said one unexpected benefit of the loan guarantee was the
improvement in employee morale, which translated into better
performance. The airline, which traditionally ranked near the bottom in
on-time performance, landed in second place in March and third in April,
according to the Department of Transportation.=20
"Things are a lot better here," said a gate agent who declined to give
her name. "You don't feel like you're doing all of this work just to be
without a job months from now."
But America West still has one of the highest levels of overall customer
complaints filed with the Transportation Department. And labor
negotiations present another potential problem as the airline negotiates
a new contract with its pilots. America West pays its employees about 40
percent less than major airlines such as American, United and Delta, and
higher pilot salaries would hurt its cost structure.
A recent decision by Continental to end its marketing agreement with
America West also hurt the carrier, which flies primarily within the
Unites States. It is seeking a partner to replace Continental and also
needs a major international partner to supplement its much smaller
alliances with Northwest Airlines and British Airways.=20
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