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Southwest CFO: No cash problem
DALLAS (AP) -- Southwest Airlines has "very limited financing needs" and little immediate exposure to the turmoil in the financial markets, the chief financial officer said Wednesday. Laura Wright said Southwest (LUV, Fortune 500), which enters fuel-hedging transactions with financial-services firms as counterparties, has no exposure to bankrupt Lehman Brothers (LEH, Fortune 500) and only a small amount to brokerages that don't have a commercial banking side. Wright said Southwest, which reported about $5.8 billion in cash and short-term investments on June 30, has enough cash set aside to cover about 85% of its fuel-hedging positions, according to CNNMoney.com.
Tags: CFO Crisis Airlines
Related URLs: WRIGHT LAURA
5 total votes | Comments (0) | Created by steve on 2008-10-01 - Login to vote or comment!