Seabury Group Completes Global Financial Restructuring for US Airways

NEW YORK, April 1, 2003 - Seabury Group today announced that it has completed financial restructuring for US Airways, allowing the company to emerge from Chapter 11 bankruptcy protection in less than eight months.

Serving as principal restructuring advisor and sole investment banker, Seabury:

• arranged for a $1 billion secured debt financing facility
  • $900 million guaranteed by Air Transportation Stabilization Board (ATSB)
  • $100 million guaranteed by Retirement Systems of Alabama Holdings LLC and Bank of America N.A.
• secured $500 million of Debtor-in-Possession (DIP) financing from Retirement Systems of Alabama Holdings (September 27, 2002)
• secured $240 million equity investment from Retirement Systems of Alabama Holdings
• renegotiated $10 billion of aircraft debt and lease obligations and aircraft purchase commitments.

Founded in 1995, the Seabury Group provides investment banking, financial advisory, restructuring and consulting services for business services, insurance, real estate, transportation, travel, and technology industries. Previous engagements include highly successful corporate restructuring assignments for America West Airlines, Inc. and Continental Airlines, Inc., M&A and financial advisory work for such investment funds as Texas Pacific Group LP and Blackstone Capital, and insurance advisory work for A.M. Best Company, Fortis and Kemper Insurance. Today, Seabury has the largest group of investment banking and restructuring professionals in the world dedicated to the aviation sector.

Seabury Group principals have structured over $75 billion in debt, equity, M&A transactions and strategic affiliations. Seabury's more than 60 professionals have a wide variety of senior executive expertise in structured lease and debt financing structures for transportation and real estate concerns, enterprise risk assessments, insurance, technology, airline fleet and network planning, airport advisory services and IT management information systems.

Contact: Karen C. Cook
Director of Communications
kcook@seaburygroup.com
+1 212 475 8132