US Airways Group Inc has spent years looking for a merger partner only to be turned away and labeled the "ugly girl" amid a wave of U.S. airline industry consolidation. It finally saw an opportunity in the fall of 2011, when rumors swirled that American Airlines was in trouble.Still, US Airways was caught off guard when American's parent AMR Corp filed for bankruptcy in November that year. US Airways executives had estimated that American had enough cash to sustain operations at least through May of 2012, according to people familiar with the situation.Chief Executive Doug Parker quickly mobilized a team to devise a strategy to move on American, a much larger rival. Within about a month, Jim Millstein, a restructuring executive formerly with the U.S. Treasury, and Barclays were brought in as financial advisers, and Latham & Watkins LP was hired as legal counsel .Parker wanted to act fast because he felt that American would try to exit bankruptcy quickly, the sources said. But after US Airways' hostile bid for Delta Air Lines had failed in early 2007, the last thing Parker wanted was to appear overly aggressive.
Delta Air Lines, Inc. (Delta) provides scheduled air transportation for passengers and cargo throughout the United States and around the world. Shares of DAL traded higher by 1.93% or $0.28/share to $14.78. In the past year, the shares have traded as low as $8.42 and as high as $14.90. On average, 12631000 shares of DAL exchange hands on a given day and today's volume is recorded at 7230362.
US Airways Group, Inc. operates and owns passenger and freight airline carrier. Shares of LCC traded higher by 2.73% or $0.39/share to $14.66. In the past year, the shares have traded as low as $6.78 and as high as $15.64. On average, 6272540 shares of LCC exchange hands on a given day and today's volume is recorded at 10259482.
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