Alabama Fund Wins US Air Equity Bid
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US Airways Group Inc. named the Retirement Systems of Alabama as the winning bidder for an eventual equity stake in the company. The fund was the sole bidder.
Arlington, Va.-based US Airways, which is operating under Chapter 11 bankruptcy protection, said its choice of the Alabama pension fund buttressed its plans for a “fast-track” emergence from bankruptcy.
The Alabama fund offered $500 million in emergency financing to keep the airline’s operations running during bankruptcy, along with $240 million for a 37.5% equity stake in the firm upon its emergence from bankruptcy.
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