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Tower Air Files For Chapter 11  
User currently offlineB717 From , joined Dec 1969, posts, RR:
Posted (14 years 1 month 2 weeks 5 days ago) and read 2048 times:

http://cbs.marketwatch.com/archive/20000229/news/current/towr.htx?source=blq/yhoo&dist=yhoo

Going going......gone!

5 replies: All unread, jump to last
 
User currently offlineVirginA340 From United States of America, joined Jul 2005, 15 posts, RR: 0
Reply 1, posted (14 years 1 month 2 weeks 5 days ago) and read 1928 times:

Tower Air going out of business? I feel sorry for a few of these unfortionate employees. I hope they can find employment with the major airlines and get good pay and benfits. I'm very glad that Tower Air is going out of business. I'm sick and tired of the other rude employees, their crusty, old, dirty, cury smelling 747-100 and 747-200. If you really hte Tower Airlines than I suggest you go to www.idemandloyalty.com. The site is made by a former mechanic of Tower Air and also hates the ceo. There are stories by unfortionate passengers who flew the airline. The site also has a counter in which it shows on how much the airline owes their pilots, flight attendents, mechanics and other employees in back pay. When then inspector general Mary Schaivo compared Tower with other airlines in mid 1996 it had an accident/incident rate six times worse than the old valujet, as well as the highest near-miss rate in the F.A.A study of low cost airlines. Don't forget the accident at J.F.K where a 747-200 lost control and the nose gear collapsed and the plane then struck a light pole ripping off the # 4 engine leaving the plane dameged and scores of passengers injured in December of 1995. (Including a few members of my family traveling on the Miami bound flight.) I'm suprised Tower didn't go out of business sooner.


"FUIMUS"
User currently offlineBruce From United States of America, joined May 1999, 5036 posts, RR: 16
Reply 2, posted (14 years 1 month 2 weeks 4 days 22 hours ago) and read 1915 times:

Now theres an idea whose time had come.

Now we can get those old beat-up planes out of the sky.



Bruce Leibowitz - Jackson, MS (KJAN) - Canon 50D/100-400L IS lens
User currently offlinePhilly phlyer From United States of America, joined May 1999, 317 posts, RR: 1
Reply 3, posted (14 years 1 month 2 weeks 4 days 21 hours ago) and read 1910 times:

In bankruptcy, Chapter 11 does not mean going out of business or liquidation. Chapter 11 is a legal vehicle used to restructure debt load and payments. In the US Aviation industry, some airlines have used Chapter 11 to restructure their debt service and keep flying. Both Continental Airlines and TWA have been through Chapter 11 and still are flying. TWA still is struggling, but Continental has become one of the most fiscally healthy airlines.

Some airlines have filed Chapter 11 and still could not restructure their debt. As a result, they eventually were forced into liquidation and did go out of business. Examples include Braniff and Eastern.

As such, the jury on the long-term future of Tower Air still is up in the air (pun intended).


User currently offlineBruce From United States of America, joined May 1999, 5036 posts, RR: 16
Reply 4, posted (14 years 1 month 2 weeks 4 days 18 hours ago) and read 1893 times:

But honestly, would you feel comfortable booking a flight on an airline that was losing money like that???

This could be the nail in the coffin. If the bad publicity translates into reduced revenue, then they're history.

ALSO, with their fleet being all old 747, and not one fuel-efficient plane in the fleet, with the recent gas price hikes to record levels, they have got to be bleeding even more.....



Bruce Leibowitz - Jackson, MS (KJAN) - Canon 50D/100-400L IS lens
User currently offlineThe777Man From United States of America, joined Jul 1999, 6402 posts, RR: 55
Reply 5, posted (14 years 1 month 2 weeks 4 days 14 hours ago) and read 1882 times:

I was told at work (United Airlines Reservations) that Tower Air filed for bankruptcy AND ceased operations. We'll see I guess. The777Man


Need a Boeing 777 Firing Order....Further to fly...T5, CI, MU, LX and LH 777s
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