ATA Bankruptcy Filing As Early As Today

[benburch]

http://www.wbbm780.com/includes/news_items/news_items_more.php?section_id=14&id=5673

ATA Bankruptcy Filing As Early As Today
Tuesday, October 26, 2004, 8:31 a.m.

<snip>

INDIANAPOLIS (AP) - An attorney who represents several creditors for Indianapolis-based ATA says the airline could file for bankruptcy as early as Tuesday.

Attorney Alan Mills told the Indianapolis Star that Orlando-based AirTran may bid for ATA's gates at Chicago's Midway Airport.
The Star reports that Tempe, Arizona, based America West may also bid for ATA's assets.

The report followed ATA's announcement that it had appointed a chief restructuring officer to manage the company's debt.

<more at link>

[Squatch]

1. Businesses, including airlines bailed out by the gubment,

can only operate at a loss for a finite time.

[benburch]

2. Agreed.

Just another facet of the glittering diamond that is the Booming Bush Economy!

[saigon68]

12. THET DID IT

ITS OFFICIAL

ATA Airlines files for bankruptcy protection

http://www.msnbc.msn.com/id/6339635/

Move comes despite sweeping cost-cutting measuresThe Associated Press
Updated: 7:00 p.m. ET Oct. 26, 2004

INDIANAPOLIS - ATA Airlines Inc., the nation’s 10th-largest airline, filed for bankruptcy protection Tuesday, becoming the latest U.S. airline tripped up by rising fuel costs and fare wars

In recent weeks ATA has announced plans to cut more than 300 jobs. So far this year, ATA pilots and flight attendants have accepted nearly $70 million in wage concessions.

ATA is the largest North American operator of commercial and military charters. ATA operates hubs at Chicago’s Midway Airport, where it has 14 gates, and Indianapolis International Airport.

ATA’s announcement came amid speculation that Delta Air Lines Inc, the nation’s third-largest airline, would win $1 billion in concessions from its pilots and avoid bankruptcy. Delta is expected to decide by Wednesday whether to seek Chapter 11 bankruptcy protection

On Edit:

Delta is next.

[area51]

13. welcome

Welcome to DU, Squatch.

[Parche]

3. ata

Is a good airline
But with the oil prices sky high mainly because of GW Bush fear in the world, they cannot survive

[amazona]

4. delta may be filing in a few weeks

The Friday before last, Delta said they may be filing bankruptcy in a few weeks.

Northwest recently hired a specialist in airline bankruptcies.

I'm surprised U.S. Airways hasn't yet folded up shop. I had them pegged for filing another bankruptcy after the Labor Day weekend.

[benburch]

5. Who's left?

UAL, ATA, Delta, US Air... And I hear from a flight attendant friend that AA isn't so healthy, either...

I think we may soon regret allowing the rail passenger system to fall into disarray.

[Squatch]

6. So, the question is...

do I keep my Miles Plus credit card?

[benburch]

7. Credit is a trap.

I say, ditch it.

[Squatch]

8. My personal credit debt is zero

although I do have a pretty hefty mortgage. I buy everything I can with my miles card, knowing that I'm going to pay it off within the month.

I just don't want to be in a situation where I finally qualify for my free round-the-world trip, only to have the airline go belly-up.

[benburch]

9. Well, I wish you luck!

Send me a postcard from the antipodes if you get the trip!

[saigon68]

11. I agree

there is never "something for nothing"

[saigon68]

10. I have given up flying

After my wife was accosted by Federal thugs-- they can take their air travel and stick it up their ass.