DB777
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WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:06 am

http://www.miami.com/mld/miamiherald/business/national/10414026.htm

The AP story says that Southwest has made a bid to take complete control of ATA, foiling ATA's plan to emerge from bankruptcy as a smaller airline according to a published report in The Indianapolis Star.

Southwest proprosed injecting $47 million in cash into ATA, taking a 35% stake and naming new senior execs who would work to cut labor costs 15 to 20 percent. ATA Chairman George Mikelsons would lose his position as chairman and could lose most of his 69 percent ownership of the airline.

Edit: typo

[Edited 2004-12-14 16:13:38]
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7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:09 am

Can someone post the article itself? I don't feel like typing in all of my information just for the article  Big thumbs up
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ANCFlyer
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:09 am

And WN will do what with the 757s?

What would they do with ATAs route structure?

Lots of questions, huh!
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7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:12 am

I still think it is a bad idea...their eyes are bigger than their wallets.  Big thumbs up
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Byrdluvs747
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:12 am

As much as I hate WN, I hope they b!@ch slap FL in the bidding war.


ATA Chairman George Mikelsons would lose his position as chairman and could lose most of his 69 percent ownership of the airliner.


Haha. He should have given HP's offer a harder look.

The 747: The hands who designed it were guided by god.
 
DB777
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:15 am

You can't post copyrighted articles in these forums. The important parts are summarized below the URL.
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quickmover
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:21 am

Looks like a bargin for WN. They use the rest of ATA, gates and all for collateral on the 46 mil. loan, and when ATA fails, wind up with all of MDW for almost the same money as FL bid. I'm thinking FL will counter with something, but it looks like WN is bent on owning MDW.

Airtran needs to match the WN bid and play the monopoly card because that's what Midway will be.


 
OPNLguy
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:26 am

>>>Haha. He should have given HP's offer a harder look.

But, they didn't make one.... They dropped out last week...
ALL views, opinions expressed are mine ONLY and are NOT representative of those shared by Southwest Airlines Co.
 
Byrdluvs747
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 12:48 am


But, they didn't make one.... They dropped out last week...


They didn't make an official bid, but there were negociations going on. Apparently, he was offered a board position and stock. Mr. Mikelsons wasn't interested becuase he was so hellbent on getting FL's $87 million.

Now it looks as though he may get blindsided by WN and end up with far less.
The 747: The hands who designed it were guided by god.
 
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EA CO AS
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:05 am

They didn't make an official bid, but there were negociations going on. Apparently, he was offered a board position and stock. Mr. Mikelsons wasn't interested becuase he was so hellbent on getting FL's $87 million.


HP's decision to withdraw had nothing to do with negotiations with TZ and/or Mikelsons - it had to do with their inability to negotiate lower lease payments on the 738 fleet, since the thought was that HP could lowball the lessors and come away with a screaming deal.

Since there IS demand for the 738s (primarily from Asian carriers), the lessors were unwilling to cut HP a deal on the planes, and HP elected to take a walk.
"In this present crisis, government is not the solution to our problem - government IS the problem." - Ronald Reagan

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lat41
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:11 am

Maybe it would allow ATA to go back to the core of what they did best, leisure and military charters and scheduled flights to vacation destintions. Then let WN manage the rest.
 
Vortex
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:18 am

My brother (who flies for ATA) told me that several airlines were interested in buying ATA (or merging with them) in the 1st quarter 04' but such overtures were rejected by George. Maybe he should have seriously considered such offers back then. I know the employees have always been loyal to George, but times have changed, and clearly he is in over his head.
 
Byrdluvs747
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:24 am


HP's decision to withdraw had nothing to do with negotiations with TZ and/or Mikelsons


Yes, I know all about the lessor issue for aircraft, and I never said it was the reason HP withdrew. However, Mikelsons was not interested in HP's deal, and was wanting to go with FL's offer.
The 747: The hands who designed it were guided by god.
 
DB777
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:25 am

Here is a lengthier article on the issue and does not require registration:

http://www.indystar.com/articles/5/202079-6765-223.html
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planespotting
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:46 am

perhaps you've all missed something....

think about the possible ramifications of this, DFW, DAL, and the Wright Amendment.

edit: syntax

[Edited 2004-12-14 17:49:36]
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quickmover
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 1:58 am

"perhaps you've all missed something....

think about the possible ramifications of this, DFW, DAL, and the Wright Amendment"

I don't understand what you are getting at. Do you mean that if they have their hands full in MDW, there would be an opening for FL in DFW?
 
FRA2DTW
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:02 am

I can see it now! Hourly service with the 757's from OAK, LAX and SEA to Hawaii and hourly service to London from BWI and PHL, connecting to Ryanair (the European SW equivalent) to the rest of Europe. What a vision! I love it.
 
avek00
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:11 am

"I can see it now! Hourly service with the 757's from OAK, LAX and SEA to Hawaii and hourly service to London from BWI and PHL, connecting to Ryanair (the European SW equivalent) to the rest of Europe. What a vision! I love it."

Thankfully, this vision will NEVER come to pass...
Live life to the fullest.
 
PHLBOS
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:13 am

Do you mean that if they have their hands full in MDW, there would be an opening for FL in DFW?

FL's already at DFW and they were adding service within the past year. A year ago, one would've thought FL was on its way to making DFW a focus/connecting city for them... especially w/DL's scaling back/pulling out.

Then came WN toying with coming to DFW, then breaking their silence on the W/S A. after stating that they were no longer interested in DFW, then TZ's filing Chapter 11; it's almost as if WN seems ready to pounce on where-ever FL seeks to expand. Is WN (still) mad that FL came to BWI a couple of years ago?

If WN does indeed win the TZ situation at MDW, I would look for FL to continue building up its DFW operations. After all, even if WN wins and gets the W/S A. repealed; it will take several years for the repeal to take effect.
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quickmover
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:24 am

If USAir goes under, MDW opening up, DFW wide open and Wright amendment possibly going away, Indy air in trouble there could possibly be more opportunitys than aircraft for either WN or FL. Neither one can have it all.
 
DfwRevolution
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:28 am

If WN does indeed win the TZ situation at MDW, I would look for FL to continue building up its DFW operations. After all, even if WN wins and gets the W/S A. repealed; it will take several years for the repeal to take effect.

Several years is a bit much... I'd say we will know the fate of the W.A within 12-18 months max.

Looks like a bargin for WN. They use the rest of ATA, gates and all for collateral on the 46 mil. loan, and when ATA fails, wind up with all of MDW for almost the same money as FL bid. I'm thinking FL will counter with something, but it looks like WN is bent on owning MDW.

Looking at WN's proposal, they intend to be the restructuring force within ATA, not the rapers/pillagers. They will probably reallocate the 737s into WNs fleet, retire the L1011s, and focus on charter/vacation work with the 757s. WN also plans to take 6 of ATA's 14 gates, so if those other 8 gates became availabe, it would be the best deal ever handed to FL.

ATA as a scheduled carrier is over, but WN can still salvage some portions of their opperation and recreate a profitable company.
 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:29 am

I don't know about anyone else but i am getting burnt out on this ATA/FL/WN ordeal...i am just now going to wait until thursday when we should hear from the Judge  Big thumbs up
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DfwRevolution
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 2:40 am

I don't know about anyone else but i am getting burnt out on this ATA/FL/WN ordeal...i am just now going to wait until thursday when we should hear from the Judge

Ohh it's on a Thuresday? Bad news for FL  Big grin

WN has historically made all their good/positive business announcements on Thuresdays.... their profit reports, aircraft orders, route announcements, ect all come on Thuresday...
 
Mikey711MN
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 3:17 am

From the article: "AirTran proposed buying all 14 gates at Midway and would funnel passengers from its Atlanta and Baltimore hubs to ATA long-distance flights."

The thing I don't get is this seemingly very common notion in the media that AirTran is looking to acquire all this gatespace to fly its equipment strictly to/from its hub(s). To acquire 14 gates to ultimately fly to/from TWO cities while maintaining strictly the ATA longer-distance operations is proposterous, and I don't know why the notion makes sense to the journalist's that have at least implied it.

-Mike
I plan on living forever. So far, so good...
 
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LN-MOW
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 3:29 am

From what I can see, WN i not interested in any a/c. All they talk about is codeshare on certain routes - around 10 - out of MDW. These are routes ATA will drop when the new schedule goes into effect in January (?). I don't see ATA keeping more flights out of MDW than they would if FL wins the auction.

WN sees the opportunity of getting 'free sales' from ATA, possibly connection service/feed to/from Hawaii, Mexico and the Caribeean and a stake in the 'new profitable' ATA that will come out of the downscaling.

If the judge approves this deal, there will still be eight gates available at MDW. It is possible that they also can get airTran to cut a deal for a reduced number ...

We'll see on Thursday.

- I am LN-MOW, and I approve this message.
 
quickmover
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 4:49 am

"If the judge approves this deal, there will still be eight gates available at MDW. It is possible that they also can get airTran to cut a deal for a reduced number ..."


I'm not sure, but it looks like WN would want to take over 6 gates and since they are financing what is left of ATA, they would want ATA to operate the 8 remaining gates. They are probably thinking that by providing 45 mil. in financing, even if the debt is a complete writeoff (ATA going completely out of business down the road), the debt would be secured by the gates. They would then have bought another 8 gates for $45 mil.

 
LoneStarMike
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 4:57 am

perhaps you've all missed something....

think about the possible ramifications of this, DFW, DAL, and the Wright Amendment.

I'm kind of confused here. If Southwest gets control of ATA, would they operate it as a separate airline like they did when they took over Muse Air and renamed it TranStar?

And if so, might they consider moving the bulk of ATA operations to DFW?

For one thing it would get Southwest the gates they want at Midway. I think after the last of the newly announced MDW flights commence, Southwest will be up to 170 daily departures. With 25 gates, that would work out to not quite 7 departures per gate per day. Enough departures per gate that the other airlines couldn't accuse Southwest of hogging gates and not using them, while still providing enough room to add 60-80 additional flights over the next several years.

Then they could move the bulk of ATA's operations to the vacated Delta gates at DFW and use their new separate little airline to compete with both AA and AirTran at DFW.

Suppose new ATA had 12-15 flights a day to DFW - MDW. Since Southwest would be code-sharing with them, Southwest customers could fly ATA to MDW and connect to other Southwest flights to the northeast.

I wonder if many of the 9 routes they would code share on (and would be operated by New ATA) would be routes from DFW to other large cities in the Southwest system, like BWI, PHX, LAS, and BNA, where again, Southwest customers wanting to fly out of DFW could do so via the ATA flight to the other Southwest "hub" cities and then connect to Southwest flights to destinations beyond-- cities where Dallas/Ft. Worth area Southwest customers can't currently fly due to the restrictions of the Wright Amendment.

It would give DFW more of the low fare service it so desparately needs, and it would take up gates at DFW that could potentially be acquired by other airlines wanting to compete at DFW. Not to mention they would be a thorn in AA's side, plus if they operate ATA separately they don't have to worry about merging seniority lists like AA did when it took over TWA.

That would allow Southwest to keep on doing what they're doing in other parts of the country, while they "used" ATA to compete with AA/AirTran at DFW.

Is this idea even feasable or am I missing something?

LoneStarMike

 
searpqx
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 5:12 am

LoneStar - I think you're probably closer than just about anybody else. This move isn't about WN out to do good by ATA, it's about WN being a smart business, and in one fell swoop effectivly locking up MDW, denying FL an opportunity to expand and taking control of a competitor, all with a relatively limited financial exposure. It's a brilliant move, and by offering slightly more than FL, and providing cash to fund the 'new' ATA, they meet one of the bankruptcy court's primary goals, finding a deal that best preserves creditor value.

The more I hear about it the more I think WN offer is going to prevail.

Duane
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syncmaster
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 5:17 am

Here's another good article, also does not require registration.

http://www.usatoday.com/travel/news/2004-12-14-swa-ata_x.htm


This should be interesting, this seems as though it may work in the long run for both TZ and WN. Did anyone see anything about C8 operations though?

 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 5:30 am

I was wondering the same thing about c8 operations. ATA is already discontinuing service to several of the cities (SPI, etc.) and is already taking reservations for the new SBN, GYY, DAY, MKE, FWA, EVV-IND service...what would happen to that??
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quickmover
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 5:35 am

I still can't see FL not bumping up their bid. Maybe alot of these articles are just grandstanding for the media. Does WN truly want to be in the codeshare business or is it just a way to keep their thumb on FL? There is too much at stake at MDW and with all the deliverys next year. I don't think FL will walk.
 
PHLBOS
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 5:37 am

Should the scenario play out similar to what LoneStarMike outlined, FL may have to settle for expansion by either picking up the pieces left by the possible shutdown of US (including the northeast shuttle) and/or choosing another centrally-located airport to do the role that they had envisioned for DFW and/or MDW.

[Edited 2004-12-14 21:37:47]
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OPNLguy
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:10 am

>>>Did anyone see anything about C8 operations though?

I thought I recalled reading (in the flurry of articles over the last week) that Wexford and some other outfit was to make a bid for the entire C8 operations as a whole. I supposed we'll hear about a decision on that on Thursday (or shortly thereafter) as well...
ALL views, opinions expressed are mine ONLY and are NOT representative of those shared by Southwest Airlines Co.
 
PHLBOS
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:15 am

I thought I recalled reading (in the flurry of articles over the last week) that Wexford and some other outfit was to make a bid for the entire C8 operations as a whole. I supposed we'll hear about a decision on that on Thursday (or shortly thereafter) as well...

Wexford? Weren't they the company that ran the original Shuttle America... before it became a USExpress carrier?
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ATLhomeCMH
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:17 am

Doh! WN taking control of anything makes me physically sick.

I'm still hoping that FL can seize upon what little opportunity they have left to make this work in their favor, but it doesn't look like it.
"The most terrifying words in the Engligh language are, 'I'm from the government and I'm here to help.'"-Ronald Reagan
 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:18 am

I guess it is time to start placing bets  Big thumbs up I will take what seems to becoming more of a long shot, FL for $10  Big thumbs up
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ATLhomeCMH
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:26 am

7E72004:

I guess it is time to start placing bets...I will take what seems to becoming more of a long shot, FL for $10

Count me in, double or nothing.  Smile
"The most terrifying words in the Engligh language are, 'I'm from the government and I'm here to help.'"-Ronald Reagan
 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:26 am

The other question is if WN does "take over" ATA, what happens when the midfield terminal at IND opens in 2008?? Costs are going to no doubt increase; will WN decide to run? That is why i think FL is the safe bet but we will see in a couple of days...less than 48 hours!
The next generation of aircraft is just around the corner!
 
quickmover
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:42 am

Do the courts listen to what the current management wants to do in this type of situation? According to that USA Today article, Mickelson would lose his job and stock if the WN deal goes through. Both offers include a codeshare (although WN is limited), FL $89 mil. WN $100 mil, FL offers wet lease deal WN does not, FL 14 gates WN 6 gates with a lean on the other 8 if the investment in TZ doesn't pan out.

These offers are not too far apart.
Do you suppose there will be open ended bidding?
 
LoneStarMike
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 6:57 am

Hmmm.. I think I might need to rethink this. I think I've found the "something" that I was mising.

The article from the Indianapolis Star (talking about the codeshare agreement) noted that:

"This is part of a defensive move" by Southwest, Field said, noting Southwest is offering the arrangement on fewer than 10 routes out of Midway. "They saw it as the only way to match what AirTran was offering" in code-sharing.

All the codeshare flights are routes into/out of MDW, so ATA could still fly DFW - MDW and passengers could connect at MDW to other Southwest cities, but there would be no other ATA/WN codeshare flights from DFW to any other Southwest "hubs" because the other codeshare routes are also out of Chicago.

Still, Isn't DFW-ORD one of AA's bread and butter routes. If Southwest were to compete by having ATA fly fly DFW - MDW, AA would have to lower their DFW-ORD fares and probably to some other cities like DTW, MHT, CLE CHM, BDL, PVD, BWI and other places Soputhwest customers might be able to connect to from MDW.. Not enough to mortally wound AA, but just enough to be a thorn in their side.

Also, that indystar article said this:

Southwest's offer for six ATA gates at Midway startled industry analysts because it included a code-share provision -- for only the second time in Southwest's history.

This would allow ATA to sell Southwest tickets to travelers who use both airlines on one trip, such as a passenger going to Indianapolis from Fort Worth, Texas, flying the first leg on Southwest and changing at Midway to an ATA flight.

Isn't that example backwards? If you were flying from Fort Worth (DFW) to MDW, wouldn't the first leg be on ATA and the MDW-IND flight be on Southwest?

LoneStarMike

 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:00 am

AHHHHHHHHHHHHHH...i can't take it anymore...i hope thursday gets here soon or i am going to go nuts with the WN/ATA/FL talk (although i am somewhat guilty myself)  Nuts
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DfwRevolution
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:04 am

The other question is if WN does "take over" ATA, what happens when the midfield terminal at IND opens in 2008?? Costs are going to no doubt increase; will WN decide to run? That is why i think FL is the safe bet

And this would help FL's case? WN has, by far more cash on hand, and need I remind you how many viable companies have been taken down in merger/buyouts that sucked their cash dry?

If FL/WN want to make ATA a viable sub-company, they are going to need a good deal of money to do so. I think it would be well worth the investment for FL/WN to have a hand in a charter/vacation airline, but that's only if they can make such an investment.

FL already has very ambitious growth planned... if anyone thinks they can take on ~40-50 737NG, another 10 717s, and restructure ATA while expecting smooth sailing must accept the reality that too much growth can kill the best airlines. Keep in mind that aquiring ATA is a large proposition for WN too, and they happen to be 4 times larger.....

There is too much at stake at MDW and with all the deliverys next year. I don't think FL will walk.

Exactly.... time to pay for those deliveries. There is a lot at stake for an airline that has already planned to increase capacity by 80% over the next few years....
 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:07 am

If FL wins the deal, they WILL NOT be taking over ATA...the routes out of MDW will be configured under AirTran with the exception of the transition. ATA, under the FL deal, would become a SEPARATE airline operating out of IND.
The next generation of aircraft is just around the corner!
 
DfwRevolution
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:14 am

If FL wins the deal, they WILL NOT be taking over ATA...the routes out of MDW will be configured under AirTran with the exception of the transition

And that's not expansion? FL weren't planning on using their new 737NGs for a take-over of ATA's routes.....
 
7e72004
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:16 am

I don't see that as a "restructuring" per se; they will be taking over soem routes, making some adjustments, etc...they would not be restructuring ATA, that is what the management, etc at ATA will do--and become a smaller airline. Anyway...i have spoken enough about this...until thursday my friends  Big thumbs up
The next generation of aircraft is just around the corner!
 
Vortex
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:31 am

My money's on WN. I think the major secured creditors (Boeing, GE Capital and ILFC) will side with WN. WN has bought quite a few more airplances from Boeing than FL.
 
Tango-Bravo
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:45 am

Haha. He should have given HP's offer a harder look

Whereas higher-than-anticipated acquisition costs of ATA's 737-800s was cited by HP's CEO Doug Parker as a main reason (perhaps the main reason) for withdrawing their offer for ATA, and whereas ATA's 737-800s are for the most part owned by their creditors (namely leasing and financing companies), I'm not so sure that Mikelsons was in any position to approve or reject the HP proposal. And that is to say nothing of the fact that the CEO of an airline in bankruptcy is on a very short decison-making leash inasmuch as "protection from creditors" brings with it "subject to approval by creditors" on virtually any and every decision of any significance -- especially where proposals like that of HP's are concerned.
 
swadispatcher
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RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 7:50 am

Lonestar, you hit the nail on the head - All of the codesharing is going to happen in MDW.. and the intent, I think, is to have ATA keep operations in MDW.. it would be nice to see C8 keep their ops in MDW or maybe make a MDW / IND split hub with point-to-point.

From what I've read today, the two airlines will be run as separate entities, only feeding pax to each other. We're taking a pretty BIG risk in all of this, but apparently it's one worth taking..


[Edited 2004-12-14 23:59:08]
Maintain 2300 until Boiler, cleared for the VOR-A approach, report BATLE inbound..
 
travatl
Posts: 1943
Joined: Sat Mar 03, 2001 4:57 pm

RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 9:23 am

All of this is pretty amazing. I mean, we're talking about an airline in bankruptcy that is being fought over by two "Low Cost" airlines. It's a pinnacle in the reshaping of the airline industry. The legacies are all just standing on the sidelines, waiting for things to shake out - it would've been a great chapter in the book "Hard Landing".

Regardless of who "wins", there are going to be responses and echoes throughout our industry (by both the "losing" carrier, and the others). There has been so much talk about the LCCs going "head to head", and we're suddenly seeing it in one colossal confrontation. I love it!

Travis
 
Midway2AirTran
Posts: 847
Joined: Wed Jul 16, 2003 7:34 am

RE: WN Bidding To Take Control Of ATA

Wed Dec 15, 2004 4:21 pm

Very fun to watch things unfold with this. No matter what happens, LCC consolidation is now on the way, even w/o this being a merger of any sort. The real fun won't be as much as who wins out, but the reactions in the industry that are triggered by the result.

I still believe the WN move is strictly more "defensive" as many others are saying as well. The difference in the cash part of the deal means nothing, but is a PR move on WN's part to mess with public opinion. This one is still all the way with AirTran. Look forward to Thursday!!!!!
"Life is short, but your delay in ATL is not."

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