Manufacturing Industry
FLYi files for bankruptcy
Airline Industry Information, Nov 7, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
FLYi Inc, the parent company of Independence Air, has said that FLYi Inc and its subsidiaries including Independence Air have filed voluntary petitions for reorganisation under Chapter 11 of the US Bankruptcy Code.
The company said that it has filed for Chapter 11 protection in order to restructure its aircraft leases and other obligations to achieve necessary cost savings. FLYi will reportedly request court approval to engage in a formal court-supervised auction process to seek outside investor(s) or purchaser(s) it needs to continue its operations. FLYi expects to conclude the process within 60 days if it is successful.
Independence Air plans to continue serving customers, and to continue its flight schedules in the ordinary course of business. The company plans to honour reservations and tickets on Independence Air and will also allow its iCLUB members to continue to accrue and redeem points on the airline with no restrictions. There are no plans to make any additional changes to the operating schedule or route map of destinations at this time.
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