US Airways, the country’s sixth-biggest carrier, filed for Chapter 11 bankruptcy protection yesterday after making losses believed to total £1.4bn.
The court, which effectively operates as administrator to the company, ruled in favour of the use of $75m (£49m) in financing, allowing US Airways to pay suppliers, staff and contractors, and to maintain a reasonably full service.
The new money is part of a $500m debtor-in-possession financing package arranged by a group led by Credit Suisse First Boston and Bank of America.
The remainder of the funding will be decided at a 26 September follow-up hearing before the court.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children