This article from NYTimes.com has been sent to you by psa188@juno.com. US Airways Seeks More Time to File Plan November 26, 2002 By BLOOMBERG NEWS ALEXANDRIA, Va. Nov. 25 (Bloomberg News) - US Airways Group Inc. asked a federal bankruptcy judge to extend by one month a deadline for filing its plan to emerge from bankruptcy. The seventh-largest U.S. airline expects to submit its recovery plan by the end of next month, with the aim of completing its reorganization in the first quarter of 2003, US Airways said in court papers. An extension of the plan-filing deadline "will provide a sufficient buffer to further refine, if necessary, a business plan that will allow (US Airways) to compete in today's rapidly changing transportation industry" the company said in a filing with the U.S. Bankruptcy Court in Alexandria, Va. The airline said creditors and investors may offer further input on the plan. Companies reorganizing in bankruptcy face a 120-day deadline to produce a recovery plan. If the so-called exclusive plan-filing period ends, creditors and shareholders can advance competing proposals, adding costs and potential delays. US Airways, based in Arlington, filed for Chapter 11 protection in August after losses worsened because of the Sept. 11 attacks, the economy's slide into recession and the failure of a proposed sale to United Airlines parent UAL Corp. US Airways asked U.S. Bankruptcy Judge Stephen Mitchell for a one-month extension of the plan deadline, which would give the company the sole right to file a proposal through Jan. 31. The deadline is set to expire on Dec. 31 and a hearing on the extension request is scheduled for Dec. 12, according to the filing. US Airways owes creditors more than $10.7 billion. In the first nine months of this year, the carrier had losses of more than $850 million. The company's plan to emerge from Chapter 11 is based on an equity investment from Alabama's state pension fund. Last week, US Airways said the Alabama fund was the only bidder in a court-supervised auction to invest in and fund the airline's reorganization. http://www.nytimes.com/2002/11/26/business/26USAI.html?ex=1039322736&ei=1&en=08ab4ef3f31c806a HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact onlinesales@nytimes.com or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to help@nytimes.com. Copyright 2002 The New York Times Company