ATA nun auch pleite

[EDDK]

Meldung von ATWONLINE von heute:

 

<quote>

Another one bites the dust: ATA files for Chapter 11

Dateline: Wednesday October 27, 2004

 

As expected, cash-trapped ATA Airlines filed for bankruptcy protection Tuesday evening, becoming the latest US Major to enter Chapter 11.

 

The airline had warned for weeks that it was desperately low on cash and would not have enough to meet its obligations in the 2005 first quarter. "Excess capacity, extremely high fuel prices, which continue to escalate, and declining fares have necessitated that all airlines, including ATA, reexamine their business," ATA Holdings Chairman, President and CEO George Mikelsons said.

In conjunction with the filing, the airline said it had reached agreement with AirTran Airways under which AirTran will pay ATA $87.6 million to assume the latter's flight operations, gate leases and routes at Chicago Midway as well as arrival and departure slots at New York LaGuardia and Reagan Washington National airports. The agreement is subject to approval by the City of Chicago and the bankruptcy court. If approved, it is expected to take effect later this year or early in 2005.

 

The carriers said they have a transition plan in place for AirTran to outsource to ATA servicing of Chicago flights over a specified period and the arrangement will allow ATA "a gradual, measured exit from Chicago." ATA and AirTran also said they intend to establish "co-marketing programs and codeshare agreements" for flights operating into and out of Midway.

 

ATA said it will continue discussions with potential third-party lenders to procure debtor-in-possession financing. Meanwhile, it said the Air Transportation Stabilization Board will allow it to use its cash collateral, which, combined with projected cash flow from operations, should be sufficient to fund its needs until the company reaches an agreement on DIP financing.

 

In terms of its restructuring, Mikelsons said the airline will optimize its fleet and aircraft sizes and focus on the "most profitable cornerstones of its business: Commercial flights routed through its Indianapolis hub, flights to Hawaii as well as military and some charter services." ATA also stressed its continued commitment to Indianapolis, which will remain the company's headquarters and primary hub

<unquote>

[Alex330]

Siehe auch die "offizielle" Version von ATA-Chef George Mikelsons:

 

http://www.restructuringata.com/

 

Daraus ein Ausschnitt:

 

"ATA, while reorganizing and executing its arrangement with AirTran, will continue operating business as usual. As we transform, we will maintain our focus on serving customers [...] We stand by our customer commitments, honoring tickets, upholding flight schedules, in-flight services and frequent flyer rewards programs. ATA will also continue to improve our services, such as retrofitting planes for business class service, which we expect to complete by early 2005.

 

Just as importantly, we are committed to Indianapolis, which will continue to serve as ATA’s headquarters location and primary hub. Indianapolis has been a key source of our growth, and we will remain in the city we have called home since 1973."

 

Gruß

Alex