U.S. Rep. Gregory W. Meeks (06-NY) Hails Guarantee
July 16, 2002
(Washington, DC) Congressman Gregory W. Meeks applauded the decision today to approve US Airways $900 million federal loan guarantee by the Air Transportation Stabilization Board (ATSB). Congressman Meeks spearheaded the effort in the NY delegation to support US Airways loan application. The ATSB loan guarantee program was enacted by Congress last September to provide financial stability to airlines impacted by the September 11th terrorist attacks.
"The decision by the ATSB helped to save more than 2000 jobs in New York and air service to 18 communities throughout our state," said U.S. Congressman Gregory W. Meeks, whose district includes John F. Kennedy International Airport (JFK). "US Airways is a major economic engine for our region. That is why I am pleased that two-thirds of our congressional delegation joined me in requesting that the ATSB approve US Airways' application. As a Member of the House Financial Services Committee that has jurisdiction on the loan guarantee program, I became increasingly worried over the past few months of the inaction of the ATSB - only approving 1 of 16 applications."
Late Wednesday evening, US Airways released the following statement: "On behalf of our 2,000 New York-based employees, we are appreciative of the leadership by the New York Congressional delegation in support of our federal loan guarantee application. Their efforts have helped to build momentum for our restructuring efforts."
US Airways is the nation's sixth largest carrier and the second largest carrier in the Northeast and up-and-down the east coast. Although US Airways has no operations at JFK Airport, they're one of the largest carriers at LaGuardia Airport and operate one of the two shuttle services from New York to Washington and Boston.
"While the loan approval has conditions set-forth by the ATSB, this decision reaffirms the restructuring efforts of the airline's new management team and the concessions made by the airlines' labor unions, lessors, lenders and suppliers," Meeks said. "US Airways is a critical link to many communities in New York state and throughout the east coast - large and small; US Airways has been providing air service to some of these communities for more than 60 years. Tonight's decision keeps this airline and it employees financially solvent and out of bankruptcy."
"The decision by the ATSB helped to save more than 2000 jobs in New York and air service to 18 communities throughout our state," said U.S. Congressman Gregory W. Meeks, whose district includes John F. Kennedy International Airport (JFK). "US Airways is a major economic engine for our region. That is why I am pleased that two-thirds of our congressional delegation joined me in requesting that the ATSB approve US Airways' application. As a Member of the House Financial Services Committee that has jurisdiction on the loan guarantee program, I became increasingly worried over the past few months of the inaction of the ATSB - only approving 1 of 16 applications."
Late Wednesday evening, US Airways released the following statement: "On behalf of our 2,000 New York-based employees, we are appreciative of the leadership by the New York Congressional delegation in support of our federal loan guarantee application. Their efforts have helped to build momentum for our restructuring efforts."
US Airways is the nation's sixth largest carrier and the second largest carrier in the Northeast and up-and-down the east coast. Although US Airways has no operations at JFK Airport, they're one of the largest carriers at LaGuardia Airport and operate one of the two shuttle services from New York to Washington and Boston.
"While the loan approval has conditions set-forth by the ATSB, this decision reaffirms the restructuring efforts of the airline's new management team and the concessions made by the airlines' labor unions, lessors, lenders and suppliers," Meeks said. "US Airways is a critical link to many communities in New York state and throughout the east coast - large and small; US Airways has been providing air service to some of these communities for more than 60 years. Tonight's decision keeps this airline and it employees financially solvent and out of bankruptcy."