USAirways filed for Chapter 11 bankruptcy. They got a $900 federal loan guarantee and employee wage concessions. They still need to wriggle out of aircraft leases and other obligations.

As far as I can tell, this bankruptcy is not a death knell. Frankly, I’ll keep flying them. First, because their partnership with United will help them going forward. Second, because not only did they get $500 million debtor-in-possession financing, but they got a new $200 million equity investment from Dave Bonderman’s Texas Pacific Group. In exchange, they pick up 38% ownership. This is a shrewd LBO firm. They turned around Continental Airlines, and won’t be sinking $200 million down a rat hole. N

ow, it’s possible that USAirways will never prosper, and Texas Pacific Group will just make all or most of its money in management fees — but that will happen over several years. No reason to jump ship on the airline now.