With US Airways seemingly on the brink of its second bankruptcy in as many years, the fate of its enhanced equipment trust certificates (EETC) are once again being called into question.

The company, which emerged from its first bankruptcy in April 2003, had been seeking $800 million in annual concessions from all of its unionized workers. Its efforts were thwarted last week by a group of pilots in the union's leadership council that blocked the proposal from being voted on. The company is facing a $110 million pension contribution on September 15, and could opt to file for bankruptcy before the deadline.

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