Zeev's Turnips Patch-No Politics (ZEEV)

[marketmaven]

US Airways Chairman: Liquidation Coming
August 19, 2004

NEW YORK (Reuters) - US Airways Group Inc.'s (UAIR) chairman said employees must agree to $800 million in new wage and benefit cuts within 30 days or the airline might be liquidated, the New York Times said on Thursday, citing an interview with Chairman David Bronner. The No. 7 U.S. airline emerged from Chapter 11 bankruptcy protection last spring, financed in part with $240 million from Retirement Systems of Alabama, the pension fund Bronner runs. A liquidation could take place under Chapter 7 of the U.S. Bankruptcy Code. Bronner said that without cost-saving agreements with unions, he would not invest more money in the Arlington, Virginia-based airline. "

LOOKS LIKE THE ALABAMA PENSION FUND JUST LOST $240 MILLION IN USAir. Harbinger for new investors in Delta?