Manufacturing Industry
ATA hires restructuring officer amid rumours of bankruptcy filing
Airline Industry Information, Oct 26, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Struggling US-based carrier ATA Airlines has appointed its chief financial officer Gilbert F. Viets to oversee the restructuring of the company's debt, leading to speculation it is about to file for bankruptcy.
An attorney representing ATA creditors has told the media that he expects the airline to file for bankruptcy on 26 October 2004. The company's senior unsecured debt rating has been lowered by Moody's Investors Service from C to Ca with the company citing ATA's perilous financial situation as the reason.
Viets was appointed on 19 October 2004 to oversee the airline's debt restructure, according to a filing made by the airline to the Securities and Exchange Commission, while former chief financial officer David M. Wing has been hired to replace Viets despite resigning from the position in June 2004, reports The Associated Press.
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