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UPDATE ~ Bankruptcy judge approves federal extension of US Airways financing

[JURIST] Following up on JURIST report from earlier today, US Bankruptcy Judge Stephen Mitchell has now approved a deal between US Airways [corporate website] and the federal Air Transportation Stabilization Board [official website], extending the government's financing of the troubled airline until June 30. The previous deal between the parties was set to expire Saturday. Executives for the airline stated that the six-month extension will allow time to find a new investors, accumulate the hundreds of millions of dollars needed to emerge from bankruptcy, and begin to transform the airline into a low-cost carrier. Read the US Airways press release on the deal. AP has more.

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