Transportation Industry

Airline Finance News - North America

AirGuide Business, Oct 13, 2008

Sun Country Airlines

Sun Country Airlines Owner, Files for Bankruptcy After FBI Raid Petters Group Worldwide LLC, the owner of bankrupt Sun Country Airlines Inc., filed for protection against creditors after FBI agents raided its headquarters last month in a $2 billion fraud probe and its assets were frozen. Oct 6, 2008

Sun Country Airlines

Sun Country Airlines is the latest carrier to seek reorganization under the US bankruptcy code now that its parent company Petters Aviation Sun Country has filed for Chapter 11. The Minnesota-based carrier failed to receive a short-term loan from Petters, a subsidiary of Petters Group Worldwide, which is mired in a federal fraud investigation. Sun Country says it will continue to operate and fly its regular flight schedule. Oct 6, 2008

United Airlines

United Airlines CEO Glenn Tilton believes the unraveling global financial crisis makes the steps it and other US carriers have taken in cutting capacity even more timely. The Star Alliance carrier this summer announced plans to cut around 100 of its mainline aircraft - representing around a quarter of its fleet - as part of a major scaling back from this winter. Other US mainline carriers are similarly cutting capacity Speaking during a Star Alliance press event in Sao Paulo, marking Brazilian carrier TAM's move to join the alliance. Oct 9, 2008

United Airlines

United Airlines' decision to cut capacity by 16% in response to spiraling oil prices may help the carrier, and others who have taken similar measures, ride out the current crisis in financial markets. While it is not yet clear whether United will need to make further layoffs, President and CEO Glenn Tilton said the airline and other domestic carriers are currently stable. Oct 9, 2008

Virgin America

Virgin CEO faults U.S. "protectionist approach" The chief executive of Virgin Atlantic said Tuesday that U.S. regulators have fallen behind other countries in adopting progressive, internationalist views of the airline industry. "The industry elsewhere around the world -- for example in Europe and Australasia -- has moved on while the protectionist approach adopted by the U.S. in the 21st century has, to all effects and purposes, represented an abdication of that leadership role," CEO Steve Ridgway said during a meeting of the International Aviation Club in Washington. "U.S. vision and leadership is indispensable to ensuring we successfully reach the horizon beyond open skies -- that we develop a truly sustainable industry." Oct 7, 2008

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