Entries tagged "Spirit Airlines"
It seems we've hit the latest wave of airline bankruptcies, driven by sky-high oil prices and an economic downturn. April was particularly dark and May was cloudy, but June will see at least one sunny day. U.K. all-business-class carrier Silverjet plc, which was grounded at the end of May and filed for administration after backer Viceroy Holdings failed to extend a $5 million loan, has, it seems, been rescued. Swiss investment company Heritage Cie. SA agreed June 11 to buy it out of bankruptcy for undisclosed terms. ...
When J.P. Morgan Chase & Co. airline analyst Jamie Baker warned "there will be blood" in a research report last month, he complained airlines were not doing enough to cope with the realities of high oil prices. The U.S. industry could lose more than $7 billion this year, according to Baker, but are not cutting nearly enough to stay ahead of rising costs and avoid potential liquidity crises....
