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Independence Air: Companys
built 641 days ago
On November 7, 2005, FLYi, Inc., the parent company of Independence Air, and its subsidiaries filed for Chapter 11 bankruptcy protection[1]. This filing had been long predicted by many industry analysts. In the filing, the company announced it would request court approval to engage in a formal court-supervised auction process to seek outside investor(s) or purchaser(s) it needed to continue its operations. If the process had been successful, it would have been expected to be concluded within sixty days.
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On Jan. 5, Independence Air shut down all operations and terminated nearly all of its employees. From Nov. 8, 2005, through Jan. 9, 2006, the Commonwealth conducted eight Rapid Response meetings with company officials and workers impacted by the closure to create awareness about the workforce services and programs available to them.
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Independence was formerly known as Atlantic Coast Airlines and operated connecting flights for United Airlines' United Express affiliate. It decided to try to become a low-fare carrier under its own brand in June 2004. The 2,700-employee company built up a route network serving 36 destinations from its Dulles hub.
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Independence Air parent FlyI today filed for voluntary Chapter 11 reorganization. As it seeks to restructure aircraft leases and other financial obligations, the Dulles, Va.-based company said it would continue normal flight operations, honor existing reservations and preserve its frequent flyer program.
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The traveling public will ... face losses from the Independence Air shutdown. Parent company FLYi has said customers who used credit cards to book flights scheduled to depart after Thursday evening should call their credit card companies to request refunds. FLYi will ask the bankruptcy court to issue automatic refunds on purchased tickets, but there is no guarantee they will be granted. Frequent flyer miles earned by travelers will become worthless.
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In November, Schumer helped to pave the way for this new low-fare service to Upstate New York by getting the Justice Department to block a hostile takeover of Independence Airline by Mesa Airlines. Schumer, a member of the Senate Judiciary Committee, urged the Justice Department Anti-trust Division to investigate Mesa's attempt to see if the company may be engaging in anti-competitive behavior. Mesa dropped plans for the takeover upon learning that the Justice Department was considering conducting an investigation citing regulatory issues.
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