United Kingdom
United States
Asia Pacific
Independence Air near bankruptcy
Sunday, 11 Aug, 2005
0
Independence Air announced that it is preparing for a possible Chapter 11 bankruptcy filing.
Having been in operation for only fourteen, discount airline Independence Air said in a securities filing Tuesday that it is preparing for a possible Chapter 11 bankruptcy filing.
Embroiled in the air fare wars and high fuel prices, Independence Air loss $98 million loss in their second quarter. This is three times more than its $27 million loss a year ago.
While Independence’s cash reserves fell 61% in the first half of this year to a dangerously low $65 million, company officials are not optimistic it can borrow cash.
Cost cutting measures include cutting its schedule 15% in September, to 342 daily flights.
Related News Stories:
Charles Kao
Kittipong Prapattong’s Plan for Thailand’s Tourism Growth: Taxes, Visas, and Campaigns
James Jin: Didatravel’s Journey from China to Global Reach and the Impact of AI on Travel
Darien Schaefer on Pensacola’s Evolution: From Small Town to Global Destination
Florida Tourism’s Next Frontier: Dana Young on Expanding Beyond the Classics
Patrick Harrison on Tampa Bay Tourism’s Resilience and Marketing Strategy
Bubba O’Keefe on Clarksdale’s Vibrant Music Scene
Commemorating Elvis and Embracing Tupelo’s Culture with Jennie Bradford Curlee
Craig Ray and the Expansion of the Blues Trail
Presenting Mississippi’s Cultural Trails with Katie Coats
Robert Terrell: A Journey Through BB King’s Influence
Rochelle Hicks: Celebrating Mississippi’s Musical Legacy
Exploring Jacksonville with Katie Mitura: The Flip Side of Florida
Dozens fall ill in P&O Cruises ship outbreak
Turkish Airlines flight in emergency landing after pilot dies
Boy falls to death on cruise ship
Unexpected wave rocks cruise ship
Storm Lilian travel chaos as bank holiday flights cancelled