Fri, Aug 12, 2005
Carrier's Chief Says He May Have To File Chapter 11
Just 14 months after it was
launched, Washington, DC-based Independence Air's CEO said his
company would file for bankruptcy. USA Today reports the carrier
"We can't provide assurances that our efforts (to borrow cash)
will be successful," USA Today quoted CEO Kerry Skeen as saying.
"We realize there are tough times ahead."
Skeen had predicted the upstart airline would turn a profit this
year. But skyrocketing fuel prices and bitter fare wars led to
triple Independence's losses in the second quarter of this year.
Skeen has reportedly said he will trim 15-percent of flights from
the schedule starting next month.
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