From what I read the other day in the news paper, US Airways will get rid of 28 737's and only 3 757's. I also heard the entire fleet of 757's and 4 767's are for sale, but it looks like these will remain in the fleet for now excluding the 3 757's.
With these new cuts, US Airways has said it would reduce the fleet by 6 percent in September, cutting 130 of 1,550 daily departures. By year end, it will cut 70 more flights, for a total of 200. US Airways did not say how many layoffs would occur from this move, but it is speculated the number could exceed 1,000.
In other news: US Airways rejected an offer from Billionaire Marvin Davis to participate in the airline's refinancing effort. Davis, one of the world's 100 richest men wanted to team up with Jonathan Ornstein, CEO of Mesa Air. US Airways has said it's key partner in it's restructuring is already set; Fort Worth based Texas Pacific Group which would hold 38% of the stock of a new US Airways.
The initial rejection of the Davis bid does not necessarily mean it will be dropped. Davis and Ornstein have the option to present a competing bid in bankruptcy court which could spark off a bidding war between Davis and Texas Pacific Group.
Davis' efforts to acquire airlines are not new. He has repeatedly sought after several in the past:
In 1989, his $6.2 billion bid for United was opposed by the airline's CEO, Stephen Wolf. United's management and unions joined British Airways to make a $6.8 billion counter bid, but the deal collapsed for lack of financing.
Also in 1989, Davis bid $2.7 billion to take over Northwest Airlines. The airline preferred a $4.1 billion bid from a group headed by investor Alfred Checchi
In 1992, Davis joined with Lufthansa Airlines to bid to acquire Continental Airlines for $400 million. At the time, Continental was reorganizing under bankruptcy code. Eventually, the Davis bid was withdrawn, and Continental accepted a bid from Texas Pacific Group. Again, the same group that wants to help US Airways today.
If this dispute does turn in to a bidding war, it could reflect well on US Airways giving it greater value in the market.