November 10, 2001 |
Within days after Sept. 11, the airlines pleaded for a bailout from Congress because they claimed they otherwise faced insolvency. Yet nearly two months later, not one airline has yet applied for the biggest chunk of the rescue package: federal loan guarantees.
October 25, 2001 |
Even though more people are flying again, the airline industry continued to reel Wednesday with American Airlines reporting a record loss and United Airlines' chairman facing calls for his ouster. AMR Corp., which owns Trans World Airlines in addition to American, said that in the three months ended Sept. 30 it lost $414 million, or $2.68 per diluted share, the worst quarterly loss in its history. Two of American's jetliners were hijacked and used in the Sept. 11 terror attacks.
September 29, 2001 |
The nation's airlines this week began receiving desperately needed cash from the U.S. bailout. Now, they're ready to tap the other part of the aid: federal loan guarantees. But there are no guarantees that will be enough to keep all the airlines flying. In effect, Uncle Sam could well determine which U.S. carriers survive over the long term and which don't, according to investment bankers, lawmakers and industry analysts.
September 24, 2001 |
British Airways, Europe's biggest airline, said Sunday it might sell some real estate to raise cash if losses from terrorist attacks in the U.S. earlier this month widen. The carrier, which is more dependent on North Atlantic routes than rivals, has $1.46 billion in cash to draw on, spokesman Paul Parry said, though its property holdings will provide another cushion if more cash is needed.
September 23, 2001 |
President Bush signed a bill providing $15 billion for the airline industry hit by job cuts and plummeting ticket sales since the terrorist attacks on the World Trade Center and the Pentagon. "The terrorists who attacked our country on Sept. 11 will not shut down our vital businesses or thwart our way of life," Bush said in a written statement from his Camp David retreat in Maryland.
September 23, 2001 |
Like most everything in America, the airline industry won't be the same for a long time--if ever--after the terrorist attacks that used four U.S. jetliners as deadly missiles. Within days, the airline business was pushed to the brink of financial ruin. To survive, the industry in a single stroke is erasing one-fifth of its operations, which overall move 650 million people a year and generate $106 billion in passenger revenues. But the dramatic turn of events goes far beyond money.