US Airways files for Chapter 11 bankruptcy

US Airways Group, one of the largest airlines in the US, filed for Chapter 11 bankruptcy, in August. This is a voluntary petition which allows a stay of creditor action against the debtor. The company, which was hit by decreasing passenger volumes in the wake of the September 11 attacks on the US and a general economic slowdown, now intends to restructure. The airline plans to reduce its capacity, downsize its labour force, and negotiate contract changes with its employees. In 2001, US Airways

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