America West To Defer Aircraft Lease Payments

America West Airlines (NYSE: AWA) today
said it has chosen to defer payments of approximately $72 million under
certain aircraft leases following the announcement on December 28, 2001, that
the Air Transportation Stabilization Board has conditionally approved the
company`s application for federal loan guarantees.

The $445 million loan, of which $380 million is to be guaranteed by the
government, is expected to close by mid-January 2002.  The company anticipates
making the aircraft lease payments within the grace periods allowed under the
relevant agreements.