US Airways says it is evaluating financing alternatives for its three remaining Airbus A330-200 deliveries this year after securing backstop financing for two aircraft that have already joined the carrier's fleet.
The carrier has spent most of this year developing financing packages for the aircraft, and has previously said two of the five A330s would be dedicated to new flights from Philadelphia to Tel Aviv that began 1 July.
In a financial update released today US Airways explains it is exploring ways to finance the three A330s scheduled for delivery for the rest of 2009 after obtaining financing through Airbus for the first two aircraft.
For the remaining widebody deliveries US Airways says it expects to "obtain financing for these aircraft at customary advance rates and on terms and conditions acceptable to the company".
US Airways explains if the carrier is not successful in obtaining favourable financing terms it would likely "seek to negotiate the deferrals of deliveries with the manufacturer or financing at lower than customary advance rates, or if required, use cash from operations or other sources to purchase the aircraft".
During the second quarter US Airways issued public offerings of stock and convertible notes to raise roughly $234 million, and projects a quarter-end cash balance of $2.25 billion.
US Airways in 2009 is also taking delivery of 20 Airbus narrowbodies - two A320s and 18 A321s. The carrier in its update states financing for narrowbody deliveries scheduled for the first half of the year is secure, and the remaining deliveries have backstop financing available through Airbus.
Source: Air Transport Intelligence news
