Manufacturing Industry
ATA Airlines sets out plan to exit bankruptcy
Airline Industry Information, Oct 4, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
ATA Airlines has filed a reorganisation plan with the federal bankruptcy court, starting the process of emerging from Chapter 11 protection after almost a year.
The plan requires the airline to attract USD130m in exit financing, including a USD30m agreed investment from Southwest Airlines and USD100m from new investors.
ATA is also planning to carry out a rights offering, Reuters reported.
The company said that it still needed to reach new agreements with certain employee groups and vendors.
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