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Airline Bankruptcies In The United States
A number of major airlines have declared bankruptcy and have either ceased operations, or reorganized under bankruptcy protection. Airlines, like any business, are susceptible to market fluctuations and economic difficulties. The economic structure of the airline industry may contribute to airline bankruptcies as well. One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs. Terms of an employee contract negotiated over years can be eliminated in months through Chapter 11. Terms of the Railway Labor Act, amended in 1936 to cover airlines, prevent most labor union work actions before, during and after an airline bankruptcy. Continental Airlines declared bankruptcy, Chapter 11, a second time in December 1990. Timel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor. Bankrupt is not the only legal status that an insolvent person may have, and the term ''bankruptcy'' is therefore not a synonym for insolvency. Etymology The word ''bankruptcy'' is derived from Italian ''banca rotta'', literally meaning "broken bank". The term is often described as having originated in renaissance Italy, where there allegedly existed the tradition of smashing a banker's bench if he defaulted on payment so that the public could see that the banker, the owner of the bench, was no longer in a condition to continue his business, although some dismiss this as a false etymology. History In Ancient Greece, bankruptcy did not exist. If a man owed and he could not pay, he and his wife, children or servants were forced into " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Southeast Airlines
Southeast Airlines was established in 1993 as Sun Jet International and was founded by Tom Kolfenbach. It was a low fare public charter airline in the United States, headquartered in Largo, Florida, operating regular service to various vacation/leisure destinations using eight McDonnell Douglas DC-9-30 and two McDonnell Douglas MD-80 aircraft. It abruptly ceased operations on November 30, 2004. The airline was featured on ''The Simple Life'' reality TV series, which Southeast executives hoped would give the carrier some exposure. The airline's jets featured the "Sun King" logo previously used by the original National Airlines (1934–1980), National Airlines which appeared on the tails of its aircraft. The Southeast Airlines name was also used by another U.S. air carrier which was based in Miami and was operating scheduled passenger service in 1979 with jet aircraft nonstop between Miami and Aguadilla, Puerto Rico and also with turboprop aircraft nonstop between Miami and Tampa. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Aeroamerica
Aeroamerica, Inc. was founded as a US supplemental carrierholder of supplemental air carrier certificate authorised to operate non-scheduled passenger and cargo services to supplement the scheduled operations of certificated route air carriers; an airline holding a supplemental air carrier certificate is also known as a "nonsked" in the US in 1973. It was headquartered at Seattle Boeing Field, Washington. In 1975 the airline established an overseas base at Tegel Airport in what used to be West Berlin prior to German reunification. Berlin Tegel was the main operating base from 1975 until 1979. Aeroamerica ceased operations in 1982. History Formation Seattle businessman Arthur Joël Eisenberg was the founder and owner of Aeroamerica, Inc.''Airways (Zoeller, M., Aeroamerica – Deregulation Hopeful)'', pp. 44/5, HPC Publishing, St Leonards on Sea, November 2008 Aeroamerica was incorporated in August 1973.''Airways oeller, M., Aeroamerica – Deregulation Hopeful', p. 45, HPC Pub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New York Airways
New York Airways was a helicopter airline in the New York City area, founded in 1949 as a mail and cargo carrier. On 9 July 1953 it may have been the first scheduled helicopter airline to carry passengers in the United States, with headquarters at LaGuardia Airport. Although primarily a helicopter airline operator with scheduled passenger operations, New York Airways also flew fixed wing aircraft, such as the de Havilland Canada DHC-6 Twin Otter 19-passenger STOL twin turboprop aircraft. History Passenger flights started with Sikorsky S-55 helicopters, with three Sikorsky S-58s added to its five S-55s in 1956; in 1958 the Boeing Vertol V-44, a 15-seat civil version of the Piasecki H-21, took over. In 1962 they transitioned to the tandem rotor, twin turbine engine powered Boeing Vertol 107-II Turbocopter and later operated the twin turbine engine Sikorsky S-61. In February 1955 the one-way fare from LaGuardia to Idlewild was $4.50 ($ in dollars). The aircraft was a Sikorsky H- ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ATA Airlines
ATA Airlines, Inc. – formerly known as American Trans Air and commonly referred to as ATA – was a United States low-cost scheduled service and charter airline based in Indianapolis, Indiana. ATA operated scheduled passenger flights throughout the U.S. mainland and Hawaii, Puerto Rico and Portugal as well as military and commercial charter flights around the world. In its early days the airline flew charters on a worldwide basis and had bases in Chicago, Detroit, New York, Indianapolis, Oakland and Milwaukee. Later when it entered scheduled service the airline maintained focus cities at Chicago Midway International Airport, Honolulu International Airport, and Oakland International Airport. The airline's parent company – New ATA Holdings, Inc. (the successor to ATA Holdings Inc., which was also once known as Amtran) – later changed its name to Global Aero Logistics, Inc. and purchased World Air Holdings, Inc. for $315 million in an all-cash transaction w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chapter 11
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals. Chapter 11 overview When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11. In Chapter 7, the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evergreen International Airlines
Evergreen International Airlines was a charter and cargo airline based in McMinnville, Oregon, United States. Wholly owned by Evergreen International Aviation, it had longstanding ties to the Central Intelligence Agency (CIA). It operated contract freight services, offering charters and scheduled flights, as well as wet lease services. It operated services for the U.S. military and the United States Postal Service, as well as ad hoc charter flights. Its crew base was at John F. Kennedy International Airport, New York. Evergreen also maintained a large aircraft maintenance and storage facility at the Pinal Airpark in Marana, Arizona, that the company acquired from the CIA's Air America operation. History CIA front The airline was established by Delford Smith (founder and owner) and began operations in 1960 as Evergreen Helicopters. It acquired the operating certificate of alleged Central Intelligence Agency front company Johnson Flying Service and merged it with Intermou ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Direct Air
Southern Sky Air Tours, d/b/a Direct Air was an airline business based in Myrtle Beach, South Carolina, United States. Direct Air started in 2007 and leased aircraft with charter airlines. Its main base was Myrtle Beach International Airport. Direct Air's flights were operated by Sky King, Inc., Xtra Airways, World Atlantic Airlines, and USA Jet. In March 2012 Direct Air ceased operations, stranding many of its passengers. The airline planned to resume operations on May 15, 2012, although this was contested by the U.S. Department of Transportation.Federal Aviation AdministrationInformation for Consumers Regarding the Cessation of Operations by Southern Sky Air Tours d/b/a Myrtle Beach Direct Air and Tours The charter carrier was subject to Chapter 7 liquidation on April 12, 2012. History On November 14, 2006, Direct Air announced nonstop service from Myrtle Beach to Newark, Niagara Falls, and Plattsburgh, New York. On March 7, 2007, Direct Air (Myrtle Beach Direct Air at the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Comair (USA)
Comair was an American regional airline, a wholly owned subsidiary of Delta Air Lines, headquartered at Cincinnati/Northern Kentucky International Airport in Boone County, Kentucky, United States. Operating under the brand name Delta Connection, Comair operated passenger services to destinations in the United States, Canada, Mexico and the Bahamas. It was the world's largest regional airline, and operated from 1977 until 2012. History The airline was established in March 1977, and started operations in April 1977. Patrick J. Sowers, Robert T. Tranter, David Mueller and his father Raymond founded the airline in Cincinnati. At the end of its first year of highly profitable operations, two of the company founders, Sowers and Tranter, abruptly resigned the day following the first annual meeting as a "demand for immediate change" after they had uncovered repeated unacceptable and unsafe operational practices by one of the other partners. Comair suffered a fatal crash the year fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independence Air
Independence Air was a low-cost airline, owned by FLYi, Inc., headquartered in the Loudoun Gateway Corporate Center in Dulles, Virginia, United States (near Washington, D.C.) that operated from 1989 until 2006. Its route network focused on the east coast of the United States, but it also extended to the west coast. The route network was based at Washington Dulles International Airport. It ceased all operations at 8:24 p.m. UTC-5 on January 5, 2006. The airline had been in Chapter 11 bankruptcy since November 7, 2005. There had been discussion of a last-minute deal that could save the airline, but that did not happen. History Independence Air started life as Atlantic Coast Airlines on December 15, 1989, operating feeder services as United Express for United Airlines and Delta Connection for Delta Air Lines. After United withdrew the contract when the ACA labor and management would not agree to the concessions it requested, Atlantic Coast reinvented itself as low-cost carr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gemini Air Cargo
Gemini Air Cargo was an American ACMI (Aircraft, Crew, Maintenance, & Insurance) cargo airline headquartered in Dulles, Virginia, United States. It operated worldwide cargo schedules and charters on a wet-lease basis. Its main bases were Miami International Airport and John F. Kennedy International Airport, New York. History The airline was established in December 1995 by William Stockbridge, with financial backing from Lehman Brothers and Green Tree Capital. It began operations as an ACMI (Aircraft, Crews, Maintenance, Insurance) using DC-10-30F aircraft which were obtained from Lufthansa and converted to cargo configuration by Aeronavali in Venice. Prior to obtaining its own FAR Part 121 certificate, Gemini operated with crews from Sun Country Airlines under Sun Country's certificate for several months before certification in October 1996. In July 1999 the airline was acquired by the Carlyle Group. In August 2006 the airline emerged from bankruptcy reorganization in a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Air Midwest
Air Midwest, Inc., was a Federal Aviation Administration Part 121 certificated air carrier that operated under air carrier certificate number AMWA510A issued on May 15, 1965. It was headquartered in Wichita, Kansas, United States, and was a subsidiary of Mesa Air Group. Besides initially flying as an independent air carrier, it later operated code sharing feeder flights on behalf of Eastern Air Lines as Eastern Air Midwest Express, on behalf of American Airlines as American Eagle, on behalf of Trans World Airlines (TWA) as Trans World Express and on behalf of US Airways as US Airways Express. It also operated feeder flights on behalf of Braniff (1983-1990) and Ozark Air Lines in addition to flying for Mesa Airlines. Air Midwest was shut down by its parent company, Mesa Airlines, in June 2008. History Air Midwest was founded in Wichita, Kansas, in May 1965 by Gary Adamson as Aviation Services Inc. Using a single Cessna 206, Adamson transported human remains for area mortuaries ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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