AIRLINES

Rival Group Sweetens America West Offer: An investment group whose takeover bid was spurned by America West Airlines offered $220 million in cash and loans for the bankrupt carrier. The new offer from New York-based AWA Partners, led by Michael Steinhardt, raises the stakes in its bidding war with a group led by Continental Airlines Chairman David Bonderman. AWA is offering $155 million in cash and $65 million in loans for 33.5% of America West’s stock when it emerges from Bankruptcy Court protection. America West has accepted an offer from Bonderman’s AmWest Partners that includes $120 million cash and $100 million in loans. The AmWest offer also involves an alliance with Houston-based Continental and regional carrier Mesa Airlines that the group has valued at $40 million to $70 million a year.