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Ooops, there goes another one – Eos Airlines to shut down
A USA Today report says that Eos Airlines has become the latest airline to say it will be closing down, with the company filing for Chapter 11 bankruptcy and announcing it was ending its operations yesterday.
Eos had offered all-business-class service between London Stansted and New York JFK.
The BBC said over the weekend, “Eos will operate its final flights between London’s Stansted Airport and New York’s Kennedy Airport on Sunday, but its Sunday flights in the opposite direction have been cancelled.”
The Associated Press adds, “The New York-based company intends to eliminate most of its workforce.â€
CEO Jack Williams said in a statement that the ‘challenging economic and credit environment’ forced the company to file a voluntary petition for Chapter 11 bankruptcy.
The airline launched round-trip service for business travelers from New York to London in 2005.
The Wall Street Journal writes Eos become “The fourth U.S. carrier to go out of business (since March 31).
“With rising fuel prices, tight credit markets and the slowing economy are wreaking havoc on all U.S. carriers, smaller, less well-funded companies are proving unable to withstand the challenges.”
Aloha Air, ATA and Skybus are the other notable carriers to abruptly end operations during the past few weeks.
Another, Frontier, filed for bankruptcy but has not faced any operational disruptions.
The Wall Street Journal added that Eos had announced earlier this month that it “expected to receive $50 million in new capital from a current investor, ‘financing needed to take us to corporate profitability in 2009,’ the company said at the time.
But the company said Saturday it was unable to close on the financing, leaving it with insufficient cash to continue operating.”
Meanwhile, Forbes.com says Eos’ collapse, coupled with the December demise of all-business class carrier MAXjet, raises “questions about the viability of smaller transatlantic carriers who are fighting rising fuel costs while trying to win market share from much bigger rivals.”
Other niche airlines still offering all-business-class service on trans-Atlantic routes are French carrier L’Avion and Britain’s Silverjet.
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