chicago757
Posts: 348
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ATA Files Chapter 11

Tue Oct 26, 2004 7:45 am

As of 3pm CST ATA airlines has filed Chapter 11. I think this will help the airline out and its employees (like me!)
Go White Sox!!!!
 
NWAFA
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 7:48 am

Chicago757,

Where are your sources? Nothing has come over the wires. Nothing on ATA's website.
THANK YOU FOR FLYING NORTHWEST AIRLINES, WE TRULY APPRECIATE YOUR BUSINESS!
 
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mariner
Posts: 18263
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 7:52 am

NWAFA:

It was a story put out by WISH-TV.

It started as "will" file, then became "could" file, and then sources say they "might" file.

No one else is reporting it.

cheers

mariner
aeternum nauta
 
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EA CO AS
Posts: 13502
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 7:56 am

As of 3:55pm Pacific Time, the ATA homepage does not show any press release concerning a Chapter 11 filing, nor are any of the wire services covering it.

Methinks the TV station at IND jumped the gun.
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
stlgph
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 8:17 am

Yes, but ATA hasn't exactly put -anything- on their website, either, in terms of their financial woes.
if assumptions could fly, airliners.net would be the world's busiest airport
 
NWAFA
Posts: 1843
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 8:52 am

STL,

No Carrier would put that kind of information on their websites...ATA would be required to let their customers who were going to book on their site that things will be "business as usual"...
THANK YOU FOR FLYING NORTHWEST AIRLINES, WE TRULY APPRECIATE YOUR BUSINESS!
 
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mariner
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 8:55 am

ATA has not filed - yet.

They made an SEC filing in which they said that their present CFO would become the Chief Restructuring Officer.

They have also re-hired their old CFO, who they fired some months ago, and they have given him a signing bonus of $157,000.

cheers

mariner

[Edited 2004-10-26 02:13:59]
aeternum nauta
 
ConcordeBoy
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 9:00 am

No Carrier would put that kind of information on their websites...

...ya mean like UA and US did?
Faire du ciel le plus bel endroit de la terre c'est impossible sans Concorde!
 
NWAFA
Posts: 1843
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 9:03 am

Did they put that they were having money issues on their websites? I was under the impression that it was JUST the BK.
THANK YOU FOR FLYING NORTHWEST AIRLINES, WE TRULY APPRECIATE YOUR BUSINESS!
 
nzblue
Posts: 563
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 9:06 am

No Carrier would put that kind of information on their websites...

...ya mean like UA and US did?


Don't forget that Hawaiian Airlines also periodically updates its own website with their own chapter 11 bankruptcy progress for all to see.
It's an entirely different kind of flying; all together.
 
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EA CO AS
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 9:11 am

Yes, but ATA hasn't exactly put -anything- on their website, either, in terms of their financial woes.

While financial pressures are seldom addressed on public company websites, an actual BK filing would be part of their press releases.

Also, as others have mentioned, carriers who file for bankruptcy typically use their websites to convey a message of, "this is just a formality - it's business as usual here at XYZ Air Lines," to reassure the traveling public that it's still safe to book them.
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
ATAFAN
Posts: 36
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 12:57 pm

They have also re-hired their old CFO, who they fired some months ago,

He was not fired, he quit for "personal reasons".
 
LV
Posts: 1546
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 1:07 pm

Don't forget, WISH-TV is the same station who reported on a noon newscast about a week and a half ago that ATA stock had stopped trading only to retract it on their website even before the five newscast.
 
Mikey711MN
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 1:47 pm

I plan on living forever. So far, so good...
 
aa777flyer
Posts: 1017
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 2:53 pm

WISH TV sounds more like a rumour mill or a station that reports "WISH"-es...
hahaha..>!!!!
The TSA was created to make the post office look efficient!
 
F9Widebody
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 9:38 pm

YES URLS in signature!!!
 
7e72004
Posts: 3440
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 11:15 pm

They HAVE NOT filed as of 9:14 am Indianapolis time; they are expected to do so today. The concern is what will happen to "Indy's hometown airline?" Does anyone think Northwest would pick up some of the slack considering they are already starting the focus operation, should ATA operations be scaled back at IND?
The next generation of aircraft is just around the corner!
 
NWAFA
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 11:28 pm

7e72004,

Since the markets have opend, chances are they won't file until they close..that seems to be how it works.
THANK YOU FOR FLYING NORTHWEST AIRLINES, WE TRULY APPRECIATE YOUR BUSINESS!
 
7e72004
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RE: ATA Files Chapter 11

Tue Oct 26, 2004 11:30 pm

You are probably right; i think US filed on a sunday when the markets were closed. Either way, i hope that the employees will have a job whether it be with ATA, AirTran or America West.
The next generation of aircraft is just around the corner!
 
SegmentKing
Posts: 3224
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 12:45 am

the last airline to file bankruptcy during daytime hours was TWA when it had a prepackaged DIP filing with Antichrist Airlines.. err AA.

-n
~ ~ ~ ~ pRoFeSsIoNaL hUrRiCaNe DoDgEr ~ ~ ~ ~
 
ifly2eat
Posts: 190
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 2:25 am

Chicago757,

Do not put ANY trust in the bankruptcy laws. Your life and mine are going to change and not for the good.
Fly the friendly skys and stay out of mine.
 
7e72004
Posts: 3440
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:21 am

ATA has officially filed for bankruptcy..shares are down to 93 cents!
The next generation of aircraft is just around the corner!
 
Boeing757/767
Posts: 2179
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:25 am

... News conference planned for 4:30 p.m.
Free-thinking, left-leaning secularist
 
Horus
Posts: 5131
Joined: Sun Feb 22, 2004 1:04 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:25 am

I always thought the airline was doing well...

This may sound like a stupid question, but what is Chapter 11 and how does it 'help' bankrupt companies?

Horus

EGYPT: A 7,000 Year Old Civilisation
 
Ant72LBA
Posts: 374
Joined: Thu Jul 31, 2003 7:42 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:27 am

Horus

Why not start that Q as a new thread so it can be referred to in future? Would be of use to any new members/anyone who isn't familiar with Ch.11.
 
airtran737
Posts: 3222
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:30 am

Nice Trip Report!!! Great Pics, thanks for posting!!!! B747Forever
 
JBLUA320
Posts: 2997
Joined: Mon May 27, 2002 8:51 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:35 am

5:34pm here on the east coast.

MSNBC just reported that they have officially filed.

JBLUA30
 
dutchjet
Posts: 7714
Joined: Sat Oct 14, 2000 6:13 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:36 am

Thanks, AirTran737, for linking us to something official.....this is likely to be the news that everyone has expected over the past couple days.

Will it be a prepackaged bankruptcy for ATA? Thats the big question, and which other airlines already have "deals" in place with ATA is other hot issue.

And, shame on those TV stations in Indy for their reporting practices.

Good luck to all concerned parties.
 
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EA CO AS
Posts: 13502
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:36 am

Any word of leaks of who (if anyone) is getting part of TZ?
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

Comments made here are my own and are not intended to represent the official position of Alaska Air Group
 
airtran737
Posts: 3222
Joined: Mon Apr 05, 2004 3:47 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:38 am

There is also a press conference at ATA headquarters that is slated to begin in 53 minutes.

http://www.nyse.com/marketinfo/p1020656068262.html?displayPage=http%3A//www.nyse.com/cgi-bin/ny_quote%3Fsym%3Datah
Nice Trip Report!!! Great Pics, thanks for posting!!!! B747Forever
 
Mikey711MN
Posts: 1232
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RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:39 am

CBS MarketWatch is reporting it now as well...this should certainly quell all the rumors anyway.
I plan on living forever. So far, so good...
 
DAYflyer
Posts: 3546
Joined: Wed Sep 08, 2004 9:35 pm

RE: ATA Files Chapter 11

Wed Oct 27, 2004 6:52 am

No Carrier would put that kind of information on their websites...

...ya mean like UA and US did?

Don't forget that Hawaiian Airlines also periodically updates its own website with their own chapter 11 bankruptcy progress for all to see.


This depends on company policy.

ATA's woes are simply more proof of industry woes: OVERCAPACITY
One Nation Under God
 
Tom in NO
Posts: 6725
Joined: Thu Nov 11, 1999 10:10 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 7:32 am

"The criminal ineptitude makes you furious"-Bruce Springsteen, after seeing firsthand the damage from Hurricane Katrina
 
L.1011
Posts: 2164
Joined: Mon Aug 13, 2001 7:46 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 7:43 am

To answer Horus's question, Chapter 11 is bankruptcy protection. If a company's liabilities (debt) exceed their assets, the people they owe money to could potentially seize various assets, such as airplanes. This is especially true of leased planes and rented terminal space that isn't technically the property of the airline. Chapter 11, which can be used by all companies meeting the above condition, prevents those who are owed money (creditors) from seizing assets. The company is assigned a bankruptcy judge, and the airline is then run through the court. The company must file a reorganization plan (what they will do so that their assets exceed their liabilities once again) with the court. The judge will then approve this plan, and allow the airline to impliment it. The judge can force certain creditors to forgive certain debt. The judge can also overrule union action, forcing them to take paycuts and barring them from strikes. Being in chapter 11 also makes access to certain types of financing easier, because the bank or other financial institution becomes a secured creditor. A secured creditor cannot be forced to forgive debt by a bankruptcy judge. An unsecured creditor (like a passenger seeking a refund) can be forced to forgive their debt. You'll also hear references to Chapter 7, which is the liquidation of a company. Operations are ended and all assets are sold to pay off the creditors.
 
 
lat41
Posts: 461
Joined: Mon Jun 28, 2004 12:23 pm

RE: ATA Files Chapter 11

Wed Oct 27, 2004 7:57 am

How many times has this happened before? Try to grow too fast, order too many new aircraft, open up too many new untried destinations and routes, hire all kinds of people, and in general take on piles of debt and what happens? Crash and burn. Even holy Jet Blue should be taking notes.
 
DLKAPA
Posts: 7962
Joined: Wed Dec 03, 2003 10:37 am

RE: ATA Files Chapter 11

Wed Oct 27, 2004 8:05 am

So does this mean that ATA is in fact flying under bankruptcy protection?

What is that 3 carriers now and one on the brink while still another's future is looking uncertain?
And all at once the crowd begins to sing: Sometimes the hardest thing and the right thing are the same

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