ECONOMICS REPORT - US Airways Declares Bankruptcy a Second T
ECONOMICS REPORT - US Airways 1 Declares Bankruptcy 2 a Second Time
By Mario Ritter
Broadcast: Friday, September 24, 2004
This is Gwen Outen with the VOA Special English Economics Report.
A business receives legal protection from its creditors 3 when it declares bankruptcy. But what happens when a company declares bankruptcy twice in just two years?
US Airways declared bankruptcy in August of two thousand two. The company, like most airlines, suffered after the terrorist attacks the year before. The company wanted to reorganize its debt and reduce costs.
US Airways received help from the Air Transportation Stabilization 4 Board. The government established this agency to aid airlines after the attacks of September eleventh, two thousand one.
The board agreed to guarantee nine hundred million dollars in loans for US Airways. The company received the largest loan guarantee of any airline. The guarantee made it easier for US Airways to find creditors.
In return, US Airways agreed to repay the loan or release much of its property to the agency and the creditors.
While in bankruptcy, US Airways cut costs. It asked labor 5 unions to agree to a plan to reduce pay and other employment costs by one thousand nine hundred million dollars. The company told its workers that the cuts were necessary for the airline to remain competitive. The unions agreed.
US Airways came out of bankruptcy protection in April of two thousand three. It had cut about two thousand million dollars in costs. But that still was not enough. US Airways could not make a profit.
The company then tried to get workers to agree to new pay cuts worth about eight hundred million dollars. This time, the unions rejected the proposal.
The company declared bankruptcy again earlier this month in Alexandria, Virginia. The announcement came days before the airline would have had to pay more than one hundred million dollars into employee retirement 6 plans.
The government board has agreed to permit US Airways to continue its business under bankruptcy protection. But the agency has restricted the amount of money the company can spend.
Some experts say US Airways may be liquidated 7. This would mean the end of the company and the sale of all its property.
US Airways says it will present a new financial plan by the end of the year.
Listen next week for another report about changes in the airline industry. This VOA Special English Economics Report was written by Mario Ritter. This is Gwen Outen.
- The giant jets that increasingly dominate the world's airways. 越来越称雄于世界航线的巨型喷气机。
- At one point the company bought from Nippon Airways a 727 jet. 有一次公司从日本航空公司买了一架727型喷气机。
- You will have to pull in if you want to escape bankruptcy.如果你想避免破产,就必须节省开支。
- His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
- They agreed to repay their creditors over a period of three years. 他们同意3年内向债主还清欠款。 来自《简明英汉词典》
- Creditors could obtain a writ for the arrest of their debtors. 债权人可以获得逮捕债务人的令状。 来自《简明英汉词典》
- The position of barycentre on plane directly impacts the stabilization and manipulation of plane. 飞机重心位置直接影响飞机的稳定和操纵特性。
- With the higher olefins, stabilization of the energetic intermediates occurs more easily. 在较高的烯烃情况下,高能的中间物稳定作用更易出现。
- We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
- He was completely spent after two weeks of hard labor.艰苦劳动两周后,他已经疲惫不堪了。
- She wanted to enjoy her retirement without being beset by financial worries.她想享受退休生活而不必为金钱担忧。
- I have to put everything away for my retirement.我必须把一切都积蓄起来以便退休后用。
- All his supporters were expelled, exiled, or liquidated. 他的支持者全都被驱逐、流放或消灭了。 来自《简明英汉词典》
- That can be liquidated at market value any time. 那可按市价随时得到偿付。 来自辞典例句