Airbus statement on US Airways delayed payments

 

4 March 2003 Press Release

Following the information published in the media about the US Airways failed payments due on 23 Airbus aircraft, Airbus would like to make these precise comments:



1. The amount of $44.5 million mentioned in the press reports corresponds to total payments due by the airline on March 3 to all the financiers of 23 Airbus single aisle aircraft. This financing was arranged on the US bond market (EETC).



2. Airbus share of the financing is limited to 15% of the total amount.



3. These payments are to be recovered as part of the reorganisation of the airline, currently under chapter 11 proceedings.



4. As a result, Airbus does not envisage to change its assessment of its financing exposure to US Airways.



Airbus is an EADS joint Company with BAE SYSTEMS.