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Airlines Finances

NEWS
January 28, 2001 | From Times Wire Reports
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.
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NEWS
December 3, 2000 | From Times Wire Reports
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.
BUSINESS
April 20, 1999 | Reuters
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.
BUSINESS
January 23, 1999 | STEPHEN GREGORY, SPECIAL TO THE TIMES
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.
BUSINESS
September 28, 1998 | Associated Press
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.
BUSINESS
September 25, 1998 | From Times Wire Services
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.
BUSINESS
July 31, 1998 | From Reuters
Short air trips are substantially more expensive than before airline deregulation in cases where the airline doesn't have competition from a low-fare competitor, according to a government analysis released Thursday. While 20 years of deregulation had been positive overall, not all regions benefited, and by some measures, competition has declined recently, the Department of Transportation study said.
BUSINESS
August 8, 1996 | From Bloomberg Business News
ValuJet Inc. said Wednesday that it expects to resume operations in three weeks and fly only five routes, a small fraction of the 31 cities served before federal regulators grounded the low-fare carrier. It also reported a 41% drop in second-quarter profit before a $19.6-million charge tied to the deadly crash in May of one of its jets and the subsequent shutdown by the Federal Aviation Administration. With the charge, the Atlanta-based airline had a bottom-line loss of $9.
NEWS
July 18, 1996 | JAMES F. PELTZ and JESUS SANCHEZ, TIMES STAFF WRITERS
The explosion and crash of a Trans World Airlines jumbo jet Wednesday night came amid a strong effort by the pioneering airline to emerge from a painful era of huge financial losses and corporate strife. The crash, in fact, overshadowed what was supposed to have been a triumphant day for the St. Louis-based airline. Earlier Wednesday, TWA announced that its second-quarter profit had risen sharply from a year earlier. The increase in earnings was only the latest chapter in TWA's comeback.
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