September 20, 2001 |
The Bush administration proposed a two-step plan to shore up the distressed airline industry by offering an immediate $5-billion cash infusion and other assistance Wednesday as the nation's two biggest airlines said they were eliminating a total of 40,000 jobs. The proposal, according to a senior administration official, also includes $3 billion to beef up airline security and some liability protection for American Airlines and United Airlines, whose planes were hijacked and crashed Sept.
September 19, 2001 |
Warning of economic disaster, airline executives made an urgent appeal to the Bush administration and Congress on Tuesday to quickly approve federal aid--perhaps about $17 billion--if their industry is to survive last week's terrorist attacks. Their plea came as workers at the nation's two largest airlines--American and United--braced for job cuts involving tens of thousands of employees, which could come within three days.
September 18, 2001 |
Airline stocks plunged 30% or more Monday as the industry's financial crisis widened, and two more major carriers--US Airways and America West--announced permanent retrenchments by slashing their flight schedules 20% and cutting 13,000 people. Both events reflect the sudden cash crunch the airlines face after last week's terrorist attacks and the historic two-day shutdown of U.S. airspace.
September 16, 2001 |
The airline crisis deepened Saturday as two major carriers, Continental and Northwest, said they will slash their permanent flight schedules by 20% to survive. Continental also furloughed 12,000 employees, or 21% of its work force, and called on Congress for immediate help "to save our industry." Continental, citing a "drastic drop" in passenger bookings and the historic shutdown of U.S.
January 28, 2001 |
A federal bankruptcy court judge approved American Airlines' $200-million emergency financing plan for Trans World Airlines Inc. and cleared the way for an auction of the nation's longest-flying airline. U.S. District Judge Sue L. Robinson rejected objections by Continental and Northwest, which both wanted parts of TWA, and by former TWA owner Carl Icahn, who some observers blame for TWA's financial trouble.
December 3, 2000 |
Legend Airlines, a start-up that said it lost about $1 million a week during its first six months of providing first-class service, suspended operations while it attempts to raise money. The company was talking with venture capital firms, other airlines and individual investors in search of "several million dollars" needed to resume flying by the end of the year, said T. Allan McArtor, president and chief executive.
April 20, 1999 |
A federal judge granted the union representing American Airlines pilots 10 more days to pay $10 million toward damages for the airline caused by a work slowdown. The Allied Pilots Assn. said U.S. District Judge Joe Kendall in Dallas granted a stay until April 28 for the deposit on total damages of $45.5 million--more than the union's assets of about $38 million.
January 23, 1999 |
United Airlines and Delta Air Lines, two of the nation's biggest carriers that dominate domestic service at Los Angeles International Airport, have taken steps to ensure they won't get burned by passengers stricken with sudden bouts of year 2000 bug jitters. To avoid taking potential losses on empty seats aboard flights between Dec. 16 and Jan. 10, both carriers have imposed unusual restrictions on fares to several popular vacation spots.
September 28, 1998 |
Philippine Airlines' management and largest union said Monday they reached a breakthrough agreement on a management-proposed plan to revive the airline, five days after the airline's closure, a labor leader said. Details would not be released until given to union members.
September 25, 1998 |
As Philippine Airlines Inc. began winding up its business Thursday, U.S. authorities seized one of its planes at Los Angeles International Airport to pay off the bankrupt carrier's debt, a PAL official said Thursday. The Boeing 747-400 jumbo jet was the last PAL plane to leave Manila before the 57-year-old airline shut down at midnight on Wednesday. It had been scheduled to return to Manila today. PAL Vice President Manolo Aquino said a U.S.