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US Airways Confident It Will Stay Independent
Topics:Mergers & Acquisitions | Airlines | Stock Market
Companies:UAL Corporation | US Airways Group, Inc. New | Companies
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The president of US Airways is confident about the carrier's stand-alone prospects and does not foresee a merger in the near term.
Scott Kirby also told CNBC in an interview that major carriers are all but done with big cost cutting initiatives as they struggle to offset skyrocketing fuel prices.
US Airways [LCC
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] failed to strike a merger deal with UAL unit United Airlines in May, raising concern among some experts about US Airways' future.
The company has shed nearly 80 percent of its share value this year and traded down 7.6 percent Wednesday at $3.01.
Its market capitalization has slumped to roughly $275 million.
Despite its deteriorating situation on Wall Street, Kirby said: "I feel great about US Airways' stand-alone prospects."
Copyright 2009 Reuters. Click for restrictions.
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TOPIC : Stock Market
COMPANY : US Airways Group, Inc. New
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