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October 26, 2004Discounter ATA files for Chapter 11
Low-cost carrier ATA (ATAH) filed Tuesday for bankruptcy reorganization, part of a self-preservation bid that also calls for the No. 10 airline to hand off major operations in Chicago to discounter AirTran Airways. Despite wage concessions and some of the lowest costs in the industry, Indianapolis-based ATA lost $90 million in the first half of 2004. It cited rising fuel costs and intense fare competition for its court-protected reorganization. ATA has also been pinned down by $700 million in debt on 49 recently acquired aircraft, Boeing 757s and 737s. ATA, which joins No. 2 United and No. 7 US Airways in bankruptcy court, vowed to keep flying. More bummer news here Comments
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