United Airlines to emerge from bankruptcy

Independence Air (FLYi) shuts down

Delta projects 2005 loss of $2.1 billion

US Airways sells $777 million in debt

Morgan Stanley loses $1 billion on airline finance 

US Airways files for $172 million equity offering

US Airways Chapter 11 plan approved 

Delta and Northwest file for bankruptcy

Delta sells Atlantic Southeast Airlines

Southwest's 2Q 2005 earnings up 41% 

America West - US Air cleared by DoJ

Delta Air swaps stock for debt - §3(a)(9) exchange

PBGC assumes UAL's pensions

Southwest benefits from hedges on fuel costs

America West Holdings

AMR 

Delta Air Lines Inc

JetBlue Airways 

Southwest Airlines Company

FLYi (Independence Air) 2005

Northwest 2005

Delta 2005

ATA 2004

US Airways 2004

Hawaiian 2003

United 2002

US Airways 2002

Post-bankruptcy financing

• $125 mm 7% Senior Convertible Notes due 2020

• Transaction summary 9.27.05
• Purchase agreement
• Indenture
• Registration rights agreement

• Sells $777 million in debt 10.19.05

• Press release

US Airways to merge with America West

• Creates first national low-cost hub-and-spoke carrier
• Enables US Airways to emerge from bankruptcy
• Financed with a combination of:

• New equity
• Rights offering
• Cash infusions from partners and suppliers

• As part of bankruptcy process, open to competing bids
• Court approves reorganization plan 9.16.05
• Files for $172 million equity offering 9.20.05

• Risk factors

Deal terms

Advisors

Announced 5.19.05

Agreements

Employee matters

Start-up airline goes public

Final Prospectus 4.11.02

SEC Registration

Agreements

Employee Matters

Proposed acquisition abandoned over antitrust issues

Announced 5.24.00

Agreements

Industries