ATA declares loss of $817 million
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INDIANAPOLIS (AP) - The parent company of ATA Airlines Inc.
reported a net loss of more than $800 million for 2004 in its
annual report filed Thursday with the U.S. Securities and Exchange
Commission.
The $817 million loss included a $100.2 million operating loss
on revenue of $1.5 billion, and $638.5 million in expenses related
to ATA's Chapter 11 reorganization. That compared with earnings of
$15.8 million on almost the same amount of revenue in 2003.
The biggest expense related to the bankruptcy reorganization was
$568 million in lease rejections on jets removed from service as
the airline downsized.
ATA on Thursday was holding an auction to sell its Chicago
Express commuter airline and a hearing on the potential sale was
scheduled Friday in bankruptcy court in Indianapolis.
Indianapolis-based ATA filed for Chapter 11 bankruptcy
protection in October and since then has been restructuring its
operations, liquidating various assets and negotiating wage
concessions with its pilots, flight attendants and mechanics.
(Copyright 2005 by The Associated Press. All Rights Reserved.)
Roger
EWROPS