should start moving some now
Posted by imran_h on :
2 prs!!! could be BIG!
US Airways cleared to exit bankruptcy Friday September 16, 12:20 pm ET
ALEXANDRIA, Virginia (Reuters) - A federal judge on Friday approved US Airways plan to emerge from bankruptcy and merge with America West Airlines Inc., (NYSE:AWA - News) capping US Airways' second bankruptcy restructuring in three years. ADVERTISEMENT
Judge Stephen Mitchell of the U.S. Bankruptcy Court for the Eastern District of Virginia signed off on the deal that will create the fifth largest domestic airline by passenger volume.
The parties must wait 10 days before completing the transaction.
US Airways (OTC BB:UAIRQ.OB - News) says the merged company will have $2.5 billion in cash, including unrestricted and restricted amounts.
The merger plan anticipates oil prices of $58 per barrel in 2006 and $57 per barrel in 2007. Oil was trading around $64 a barrel on Friday.
"With the financial position of other carriers deteriorating, we are pleased we will have a very strong cash position, a robust business plan, a low-cost structure and a strong network," said Bruce Lakefield, US Airways CEO and soon to be vice chairman of the new airline.
Delta Air Lines Inc. (NYSE:DAL - News) and Northwest Airlines Corp. (NasdaqNM:NWAC - News) filed for bankruptcy protection on Wednesday.
The merged company will fly under the US Airways flag and be based at America West headquarters in Tempe, Arizona. Its stock will trade on the New York Stock Exchange under the symbol "LCC" (NYSE:LCC.TO - News).
Creditors of US Airways and shareholders of America West have already approved the deal.
Mitchell earlier Friday gave approval to a severance plan for 23 US Airways executives, who will either lose their jobs in the merger, or soon after.
Unions at US Airways opposed the packages, calling them an insult to thousands of regular workers who took pay and benefit cuts in the reorganization.
-------------------------------------------------
Northwest Pilots See Cuts
By Ross Snel TheStreet.com Staff Reporter 9/16/2005 12:31 PM EDT Click here for more stories by Ross Snel
Northwest Airlines (NWAC:Nasdaq - commentary - research - Cramer's Take) will lay off about 400 pilots in the coming months as it reduces mainline flights during its Chapter 11 restructuring.
Northwest informed its unit of the Air Line Pilots Association of those changes Thursday, according to the union's Web site.
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The Eagan, Minn.-based airline, which along with Delta Air Lines (DAL:NYSE - commentary - research - Cramer's Take) filed for bankruptcy protection Wednesday evening, told ALPA it will reduce mainline block flying hours by 13%. The resulting layoffs will begin Nov. 1.
A Northwest representative declined to comment on the disclosures by the pilots' union but noted the airline has already announced it would reduce its capacity in the fourth quarter by 5% to 6% from the year-earlier period. At the end of 2004, the carrier had 5,100 pilots represented by ALPA, according to company filings.
The term mainline refers to a network airline's standard routes on large passenger jets, which differ from smaller feeder flights typically contracted out to regional airlines.
The union pointed out the layoffs were the result of reduced flying levels and not contract changes.
Northwest is now seeking a total of $1.4 billion in annual savings from all its labor groups, a figure that includes $265 million in concessions ALPA made late last year. However, the airline is expected to ask pilots for more savings as it tries to use the bankruptcy process to extract new contracts from workers.
Northwest shares will likely be cancelled and rendered worthless if and when the airline emerges from bankruptcy, but they do still trade and were at 86 cents Friday.
Posted by bigthc1 on :
Bid equals Ask!
Posted by doubleS on :
alot of volume, guys whats this going to do
Posted by bigthc1 on :
Getting hit now!
Posted by doubleS on :
this should run for a while
Posted by rickpic on :
I know I just bought this! Next week should be very very interesting! 10 days from now it should be even more interesting!
Posted by doubleS on :
you guys in this
Posted by bigthc1 on :
I'm in at .215.
Posted by rickpic on :
what would you bet that this tops .30 before the close today and .50 on Monday, after everyone heres of this on the news over this weekend!
Posted by doubleS on :
got in at .219. think this can get back up to 52 week high
Posted by bigthc1 on :
it's gonna fly!
Posted by doubleS on :
maybe not didnt see the 52 week high was $2.00
Posted by imran_h on :
this is like the biggest news i have seen in a while i am surprised it took so long to move i am in at .21 will go for more if and whne it breaks .25
Goodluck
Posted by rickpic on :
There playing bait and chase right now, but they will get very very serious on this one in the last hour of the day today!
Posted by doubleS on :
This should be a keeper thru mid next week
Posted by rickpic on :
I have 5k that settles on Monday! Man would I ever put that in here right now, if I could! This is a bomb waiting to mushroom very nicely for those who are buying now!
Posted by bigthc1 on :
Oh Yeah!!!! Goooooooooo!
Posted by doubleS on :
I only had enough for 5000 shares that was cleared for buying, i hate that
Posted by rickpic on :
you know this puppy is on its way much much higher!
Posted by doubleS on :
this is a big topic on cnbc
Posted by doubleS on :
going to add this to my need some new toys fund
Posted by rickpic on :
anyone who is not buying this right now will wish they had by mid week next week!
Posted by 37Black on :
I'm in I'm in Please God lol
Posted by rickpic on :
Big boys are coming in now! 50k lots!
Posted by rickpic on :
Let the chase begin, because those .25 are as good as gone!
Posted by rickpic on :
This sucker may top .35 -.40 today the way its moving now!
Posted by rickpic on :
Bring on and be gone with that .27 HOD! Say Bye BYE!
Posted by rickpic on :
She's a runnin like the wind! I love this part!
Posted by doubleS on :
bigth im sure glad you posted
Posted by rickpic on :
OK they can start skipping the 10ths and jump right to penny incriments now!
Posted by rickpic on :
anyone agree with my .35-.40 HOD yet! NICE!
Posted by Chadsly on :
I'll say it closes about $0.35, but with a HOD about $.42
Posted by Chadsly on :
retracing a little
Posted by rickpic on :
take those discount wile you can get them, the last hour here is gonna be OUTRAGIOUS!
Posted by doubleS on :
some profit taking already wow
Posted by Chadsly on :
looking for buying opportunity at $.25
Posted by Chadsly on :
looks like it might turn north again here.
Posted by rickpic on :
Good Luck I hope you get it cause i'm not selling what I got today! No way no how!
Posted by Chadsly on :
guess I'll wait a little longer
Posted by rickpic on :
I think .245 will be the ask that it turns back up on!
Posted by Chadsly on :
Missed it.
Posted by rickpic on :
Roller Coaster! Weeee!!!! You know its busting out that .30 this time up!
Posted by doubleS on :
chadsly did you get in at .25
Posted by rickpic on :
friggin 59 minute stampeed coming here!
Posted by 37Black on :
GO GO GO!!
Posted by Chadsly on :
I cancelled my order because it looked like it was going down further and then I missed it.
Posted by rickpic on :
This stock is gonna top .50 on Monday so pennys really don't matter down here!
Posted by rickpic on :
Remember that this news is just breaking and most have no clue whats up here yet! This is the cutting edge on a stock like this!
Posted by rickpic on :
Big question here should be just how much this will gap up pre market on Monday!
Posted by 37Black on :
what's an exit point? I always miss it
Posted by Akira_Lapin on :
Looking forward to The Gap!
And I'm not talking about a pseudo-fashionable boutique borne of sweatshop labor!
Posted by rickpic on :
I'm guessing we will see a rally to remember in the last 10 minutes today and that it gaps .10+ cents pre market on Monday!
Posted by rickpic on :
37Black I would guess a buck plus with the momentum this is gonna get next week!
Posted by rickpic on :
You see those market orders coming in over the ask! NITE is dilly dallying at .28 and people don't want to wait!
Posted by 37Black on :
thx Ric I could use a freaking win just for my self esteem...
Posted by rickpic on :
I here that! Plays like this don't come along every day!
Posted by Chadsly on :
I finally went ahead and got some at .28.
Posted by rickpic on :
and look at that your already up Chad! Posted by rickpic on :
This is the last shake this will see this week!
Posted by Chadsly on :
Go Go Go!!!
Posted by Chadsly on :
They weren't looking for any buyers on that last shake. That was just for sellers.
Posted by Chadsly on :
I got another 4500 at .27 just before close. Let's hope for a good Monday.
Posted by rickpic on :
Its all about the gap up on Monday Pre Market now!
Posted by Marty on :
Oh, but note this statement from the PR: "Private investors will own 52 percent of the merged airline after committing more than $565 million. Investments by suppliers and vendors boost the merger value to more than $1.5 billion. General shareholders of the current US Airways get nothing in the deal. Shareholders of America West get 37 percent of the new company and unsecured creditors get about 12 percent." Not sure the impact here.....GL
Posted by bmaxingout on :
With their bankruptcy filings on Wednesday, DAL and NWAC will soon join UAIRQ and UALAQ in the "Q" club. (Public companies in bankruptcy have a Q added to their stock symbols.) Shareholders of these heavily indebted air carriers are also likely to see their equity disappear as creditors call the shots in reorganization. For example, yesterday UAIRQ ($0.19) creditors approved US Airways' reorganization plan which paves the way for the Company's merger with AWA. UAIRQ common shareholders will see their equity stake wiped out under the plan.
why would anyone buy into this share holders lose everything huge sell off imminent
Posted by bmaxingout on :
this isnt getting thrown under the bus this is standing in front of the bus waiting to get run over.
Posted by bmaxingout on :
//Correction// UAIRQ Shareholders Left Out of Merged Co.
In the "DAL & NWAC Shareholders Face Grim Prospects" story, released at 6:47am ET today, Knobias incorrectly reported, "UAIRQ common shareholders will ... have stock purchase rights in shares of the newly formed company." In fact, current UAIRQ shareholders are not provided stock purchase rights under the reorganization plan.
CORRECTED STORY
DAL & NWAC Shareholders Face Grim Prospects
With their bankruptcy filings on Wednesday, DAL and NWAC will soon join UAIRQ and UALAQ in the "Q" club. (Public companies in bankruptcy have a Q added to their stock symbols.) Shareholders of these heavily indebted air carriers are also likely to see their equity disappear as creditors call the shots in reorganization. For example, yesterday UAIRQ ($0.19) creditors approved US Airways' reorganization plan which paves the way for the Company's merger with AWA. UAIRQ common shareholders will see their equity stake wiped out under the plan.
(-) NWAC ($0.85 -55% in extended trading) filed for bankruptcy on Wednesday after the closing bell, joining DAL ($0.71) who filed Chapter 11 earlier in the day. Currently four of the seven largest U.S. carriers are operating under Chapter 11 protection. Prudential cut NWAC to Underweight from Overweight with a $0.00 price target.
(-) UALAQ ($0.60 -6% in extended trading): UAL shareholders will be wiped out under any contemplated reorganization plan.
Posted by doubleS on :
this will be hard to give away monday much less sell
Posted by matto on :
can someone explain what is going to happen with this news
Posted by Clyde_Crashcup on :
They still have to pay all their debt and if the bottom line is still red then they will file chapt. 7 and liquidate the company.
Posted by brendo on :
"Shareholders of America West get 37 percent of the new company and unsecured creditors get about 12 percent."
I'm not selling yet. The court decision on Friday allocated 12% to unsecured creditors. I predict this will continue to rise on Monday.
Posted by Clyde_Crashcup on :
quote:Originally posted by brendo: "Shareholders of America West get 37 percent of the new company and unsecured creditors get about 12 percent."
I'm not selling yet. The court decision on Friday allocated 12% to unsecured creditors. I predict this will continue to rise on Monday.
Doubt it but anything's possible in the penny world.
Posted by brendo on :
Okay, I give up. The site American Bulls is a nice site that examine the candlestick pattern of a stock. Just type in the ticker
Posted by doubleS on :
but then again the news was already out and people still was buying look at the volume and price
Posted by Ric on :
Just remember that this always happens right before coming out of bankruptcy. Not sure why but the stock tends to run and volume increases. I guess some people think the company will change there mind on the last day. They already said that common share holders get nothing and this has become common lately. Just ask ex K-Mart shareholders. If you don't sell at the right time you will be holding worthless shares.
And those thinking the 12% for unsecure creditors have something to do with the common shareholders then you are kidding yourself. The release was clear. Common shareholders get nothing. If they announce that be sure that it will happen.
Posted by doubleS on :
I know that just trying to get out without a total loss
Posted by doubleS on :
i remember the kmart deal people were still buying up till the end
Posted by Superbee383 on :
And I remember losing on KMRTQ. When they came out of bankruptcy, we got left holding the worthless stock. Oh well! I learned to not buy into a "Q" company from that ordeal.
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