The airline in a statement said it sold 19 million shares of its common stock at a price of $8.50 per share, generating $161 million before expenses and an underwriting discount. US Air also granted the underwriter a 30-day option to purchase up to an additional 2.85 million shares to cover any overallotments.
US Airways like most carriers has been hit by escalating fuel costs. The company lost $567 million in the second quarter, including charges, and ended the quarter with $2.8 billion in total cash and investments. US Air said back in June it intends to ax flights, shrink its fleet and eliminate about 1,700 jobs as part of an effort to eliminate unprofitable flying. - Lou Whiteman
See US Air statement
See Dealscape post on US Airways' cuts
See Dealwatch: Airlines
US Airways Group Inc. added to its cash coffers on Thursday, raising $155 million through a stock sale to Merrill Lynch & Co.
