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Fri, Aug 12, 2005

Independence Air Bankrupt?

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 could liquidate.

"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.

FMI: www.flyi.com

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