Bankruptcy warning from Independence Air Independence Air's parent company, FLYi (Nasdaq: FLYi), has warned it may be forced to file for bankruptcy protection. The low-cost carrier, which began serving Buffalo Niagara International Airport earlier this year, said in a regulatory filing that it was in default with Airbus and had not made $8.7 million in payments due, despite having the cash to make the late payments. Independence Air said it was in talks with Airbus to renegotiate terms and future deliveries. "If the company is unsuccessful in those negotiations in a satisfactory or timely manner, it will be forced to consider commencing a bankruptcy case under Chapters 11 of the U.S. Bankruptcy Code or may be the subject of an involuntary Chapter 11 case commenced against it by creditors," FLYi said in the filing. Its stock has lost almost 80 percent of its value since the former Atlantic Coast Airlines launched Independence Air in June. Roger EWROPS