Phoenix commuter carrier Mesa Air's interest in propping up US Airways with a new investment reflects the commuter carrier's interest in self preservation, Atlanta airline analyst James Parker said yesterday.

Mesa carries passengers for US Airways under the US Airways Express banner and relies on the Arlington, Va.-based carrier for about one-third of its business.

It has a "keen interest in seeing US Airways survive and prosper," said Parker, who follows Mesa as a managing director of investment banking outfit Raymond James & Associates.

The Post-Gazette reported Mesa's interest in US Airways yesterday. Parker agreed that Mesa would consider an investment, based on several conditions.

It wants its feeder contract with US Airways reaffirmed in bankruptcy, Parker said, and the company also is interested in operating larger aircraft through US Airways.

On top of that, Mesa Chief Executive Officer Jonathan Ornstein needs to see a US Airways business plan that "would make this company viable over the long term." In addition, Mesa "would only invest in US Airways if other investors came forward," Parker said.

A profitable airline that also flies for America West Airlines and United Airlines, Mesa can draw from several hundred million in cash if it decides to help US Airways.

"Mesa has a history of investing in their partners when they are in critical need," said Parker, citing an investment Ornstein made in America West Airlines in the early 1990s.

US Airways is scheduled to present a plan of reorganization to U.S. Bankruptcy Court in Alexandria, Va., early next week, but that date could be pushed back. After March 31, other parties are free to file competing restructuring plans before U.S. Bankruptcy Judge Stephen Mitchell.

US Airways already has a commitment for $125 million from Appleton, Wis.-based Air Wisconsin Airlines, and has said in court documents that it expects to attract as many as two other investors and an additional $100 million to $275 million beyond Air Wisconsin.

US Airways Chief Executive Officer Bruce Lakefield said Thursday that the list of interested investors is "long" -- a statement Parker disputed. "Investors are not lining up," the analyst said.

Asked if Ornstein could contribute enough to emerge with a controlling interest in US Airways, Parker said, "That's possible. He might do that." But at the same time, "he's not going to do anything to jeopardize and do any harm to Mesa."