US Airways yesterday announced that it is deferring 54 of the 72 aircraft it was scheduled to receive from Airbus in 2010-12, comprising 46 A320s and eight A330s, and will push back the launch of its A350 service from 2015 to 2017.

The deferrals will lower US’s aircraft capital expenditures by around $2.5 billion over the next three years. Executive VP and CFO Derek Kerr said the carrier will take delivery of two A320s and two A330s in 2010 and an additional 24 A320 family aircraft in 2011 and 2012. “We have financing commitments for all 28 aircraft and believe this is a more manageable delivery rate given the current economic environment,” he said. The deferred aircraft will begin delivering in 2013.

US also announced it has reached an agreement with Barclays “to permanently lower the monthly unrestricted cash condition precedent for the advance purchase of frequent flyer miles and defer for 14 months the amortization of $200 million advanced in connection with the previous purchase of miles.” Cumulatively, the moves will improve its year-end 2009 liquidity by approximately $150 million and “generate $450 million of projected liquidity improvements by the end of 2010,” it said.

Citing its massive New York LaGuardia/Washington National slot swap with Delta Air Lines announced in August (ATWOnline, Aug. 13) and the “realignment” of its flight network announced last month (ATWOnline, Oct. 29), Chairman and CEO Doug Parker said, “This is our third major strategic move in the past 100 days. . .These moves are part of our continuing efforts to improve our balance sheet and return the company to profitability. . .with these strategic initiatives behind us, we believe US Airways is well positioned to take full advantage of the recovering economy.”

Separately, US received Dept. of Transportation approval for its codeshare agreement with Grupo TACA. Beginning Jan. 12, US passengers will be able to connect on TACA flights from San Salvador, San Jose (Costa Rica) and Lima to domestic airports as well as to destinations in Guatemala, Belize, Honduras and Nicaragua. TACA passengers will gain access to US’s network through Charlotte.

 

Source: ATW Online, Aaron Karp