LYCOS RETRIEVER 
Northwest Airlines: Companies
built 804 days ago
Northwest Airlines emerged from bankruptcy this morning when the Plan of Reorganization under Chapter 11 of the Bankruptcy Code became effective. In accordance with the Plan, NWA Corp. will issue 4,704,373 shares of common stock to approximately 23,427 participants who held Series C preferred stock as of August 1, 2003. The common stock is issued as settlement of the $212,520,140.82 claim won by the IAM in court for the Company’s failure to redeem the Series C on August 1, 2003.
Source:
During the flying seasons of 1928 to 1933 Northwest secured an expansion of routes through the Dakotas and Montana, and eventually to Seattle, Washington. The man largely responsible for the company's westward growth was Croil Hunter. While Hunter only occupied a position in middle management, it was his initiative to enter new markets and win new airmail routes that gave Northwest its early preeminence. By 1933 Hunter was vice-president and general manager of the airline.
Source:
A major coup for the Boeing Company as Northwest opts to be the U.S. Launch customer for the 787, and not the World launch cusomter for the A350, common to its A330 long-range twinjets. 787 will join 747, A330 in Long Haul fleet. (With Editorial)
Source:
The most recent financial report from Northwest showed it had $2.1 billion in cash on hand as of June 30. While that's down from $2.5 billion at the end of 2004, it's well above the $1.7 billion in cash and short-term investments its larger rival Delta showed on its balance sheet. Still Steenland said Wednesday, "We are no longer an asset rich company."
Source:
A strike by Northwest pilots, eager to claim their share of the company's bounty and opposed to various management strategies, finally grounded the airline in late August 1998. Northwest laid off 31,000 employees during the crisis and did not resume full operations until September 21. The shutdown resulted in a $224 million loss for the third quarter of 1998 on revenues of $1.93 billion (the carrier had earned $290 million in the third quarter of the previous year).
Source:
The filing ... gives Northwest a chance to dump some of its pension obligations on the federal agency that guarantees private pension plans. Its most recent filing showed Northwest faced a $3.8 billion shortfall in its pension plans, and it had been pushing for new laws to give it more time to cover the gap. Steenland said Wednesday the company would try to preserve the pension benefits earned to date and seek to avoid shedding the plans as competitors have done.
Source:
MORE ABOUT
Companies