America West Airlines (NYSE: AWA) today
said it made an aircraft lease payment of approximately $23 million.
 
On January 2, 2002, America West said it had chosen to defer $72 million
of aircraft lease payments following the announcement on December 28, 2001,
that the Air Transportation Stabilization Board conditionally approved the
company`s application for federal loan guarantees.  The company expects to
make the remaining $49 million of deferred payments within the applicable
grace period.  The $445 million loan, of which $380 million is to be
guaranteed by the government, is expected to close by mid-January 2002.

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