ATA i Ch.11

[Dag Viking]

Dette sto på a.net

ATA files for Ch. 11 bankruptcy
Airline reports $940 million in debt
By Matt Andrejczak, CBS.MarketWatch.com
Last Update: 5:31 PM ET Oct. 26, 2004
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SAN FRANCISCO (CBS.MW) -- ATA Holdings Corp., parent of ATA Airlines, filed for Chapter 11 bankruptcy protection late Tuesday.




The low-fare carrier listed its total assets at $745.1 million and its debt at $940.5 million, according to its filing in the U.S. Bankruptcy Court for the Southern District of Indiana.

Ahead of the filing, shares of Indianapolis, Ind.-based ATA tumbled 36 percent to 93 cents. The stock was halted in after-hours trading.

ATA, the nation's 10th largest airline, joins US Airways Group and United Airlines parent UAL Corp. in Chapter 11 bankruptcy. Delta Air Lines has threatened to file for bankruptcy if cannot drastically cut operating costs. New low-fare carrier Independence Air might also run into difficulties early next year, analysts say.

Late Monday ATA appointed Gilbert Viets chief restructuring officer, while David Wing returned as chief financial officer after leaving the company in June.

For the six months ended June 30, ATA (ATAH: news, chart, profile) posted a loss of $90 million, or $7.38 a share.

The airline has been stung by fuel costs, lower U.S. ticket prices resulting from competition, and weaker revenue from its military/charter business.

ATA last week said its financial condition has worsened since it first warned of its precarious state in mid-August. It also announced plans to cut 220 jobs, or 3 percent of its work force.

It's unlikely the airline will have sufficient funds to meet cash obligations in the first quarter of 2005, according to its quarterly filing with the Securities and Exchange Commission.

 

[EB]

Replying to Topic 'ATA i Ch.11'

Dette skrev jo MOW på mandag at kom til skje... Det blir noen spennede dager/uker. Lykke til...

 

[EB]

Replying to Topic 'ATA i Ch.11'

Litt historie...

Associated Press
Key Moments in ATA History
Wednesday October 27, 12:22 am ET
By The Associated Press


-- 1973: Founded as American Trans Air.
-- 1992: Opens hub at Chicago-Midway Airport.

-- 1999: Surpasses $1 billion in annual revenue.

-- 2001: Begins service from Chicago-Midway to international destinations.

-- 2002: Becomes No. 1 carrier from Indianapolis International Airport and Chicago-Midway. Founder J. George Mikelsons returns to airline to guide it through post-Sept. 11 financial difficulties.

-- 2003: Company changes name to ATA Airlines. Parent company ATA Holdings Corp. renegotiates aircraft leases just weeks after warning it would not be able to meet debt obligations.

-- January 2004: Creditors agree to let the company delay debt payments for two years to avoid a bankruptcy filing.

-- May: ATA Holdings reports first-quarter loss of nearly $65 million and says it will postpone pay increases for 3,000 pilots and flight attendants.

-- Oct. 15: Flight attendants vote to accept a 10 percent pay cut to help keep the airline in business and save their jobs.

-- Oct. 25: Chief restructuring officer appointed.

-- Oct. 26: ATA files for Chapter 11 bankruptcy protection and announces agreement to sell airport slots and other assets to Orlando, Fla.-based AirTran Airways for $87.6 million.

 

[LN-MOW]

Replying to Topic 'ATA i Ch.11'

Det er mange spoersmaal som ikke er besvart ennaa. Ett er hva som vil skje med flyflaaten. For aa kunne betjene 14 gater paa MDW er det innlysende at airTran trenger flere fly, Ett alternativ skal vaere at vi stiller med fly/crew og at airTran (FL) wetleaser disse av oss. Hvilke destinasjoner FL vil betjene ut fra MDW er ogsaa et aapent spoersmaal.
For meg blir det neppe noen umiddelbare endringer. Vi har faatt beskjed om at flyprogrammet vil forbli uendret iallefall ut aaret. Hawaii-trafikken og charterene skal antagelig fortsette, antar at Honolulu-kjerra vil starte i Indy og ikke paa MDW som idag.
Vi faar se ....

Mer her og her.

 

[Flaps40]

Replying to Topic 'ATA i Ch.11'

Originally posted by LN-MOW

Det er mange spoersmaal som ikke er besvart ennaa. Ett er hva som vil skje med flyflaaten.

MOW, jeg synes det er pussig at ATA fremdeles velger å operere L1011. De må da representere meget høy maintenance cost. Dvs revenue må være tilsvarende høy for å dekke kostnadene inkl. the third crew member. Eller er det unik range / payload kombinasjon som gjør at dere fremdeles velger å drifte disse?

 

[LN-MOW]

Replying to Topic 'ATA i Ch.11'

De er nedbetalt, det eneste de koster er vedlikehold. (Som dog er dyrt). Men vi trenger en flytype som klarer f.eks. USA-Japan nonstop til militaertrafikken og dette er billigere enn aa kjoepe inn f.eks. 5-6 767'er.

Saa ja - dette er billigste alternativ. Og vi tjener gode penger med dem!

 

[Flaps40]

Replying to Topic 'ATA i Ch.11'

OK Høres logisk ut. Ser ikke bort fra at utnyttelses grad, dvs Flight hours per yr kan være en faktor også. Vet du omtrent hva de ligger på?