NYT: Airlines, in Search of Relief, Warn of Bankruptcy
Sep 15, 2001 | 1:58 am
#1
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NYT: Airlines, in Search of Relief, Warn of Bankruptcy
SEP 15, 2001
Airline executives and analysts expressed grave concern for the industry yesterday, warning that mounting losses stemming from this week's terrorist attacks could force most of the country's major carriers into bankruptcy.
"This patient is dying very quickly," Gordon M. Bethune, the chairman and chief executive of Continental Airlines, the fifth largest carrier, said in a telephone interview, referring to the industry. "We all are going to be bankrupt before the end of the year. There is not an airline that I know of that has the excess cash to handle this."
The industry's losses are estimated at $100 million to $275 million a day since Tuesday, when the government grounded all flights for the first time ever.
http://www.nytimes.com/2001/09/15/national/15BAIL.html
Airline executives and analysts expressed grave concern for the industry yesterday, warning that mounting losses stemming from this week's terrorist attacks could force most of the country's major carriers into bankruptcy.
"This patient is dying very quickly," Gordon M. Bethune, the chairman and chief executive of Continental Airlines, the fifth largest carrier, said in a telephone interview, referring to the industry. "We all are going to be bankrupt before the end of the year. There is not an airline that I know of that has the excess cash to handle this."
The industry's losses are estimated at $100 million to $275 million a day since Tuesday, when the government grounded all flights for the first time ever.
http://www.nytimes.com/2001/09/15/national/15BAIL.html
Sep 15, 2001 | 4:24 am
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The Washington Post is reporting this morning that Congress is considering providing the airlines with $2.5 Billion in cash out of the $40 Billion voted to part cover the costs of the disaster. There is no way that the US can allow the airline industry to fail. Besides, as during the Gulf war, the airlines are part of the National Security operation.
Sep 15, 2001 | 9:28 am
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Although airlines have, in the past, been held liable for "ground damages" done by hijacked flights, I think we have to exempt the airlines in this case.
I don't think the airlines (or anyone else) really could have prevented this because nobody expected 757/767's to be used as guided missles. Holding AA/UA liable would simply destroy the 2 largest airlines in the world.
We (the American people) should collectively take up the responsibility of rebuilding the WTC and helping all the victims.
At the same time, a complete moratorium for lawsuits related to this event should be declared. Any lawyer who tries to sue should be labeled as a black-hearted ambulance-chasing money-grubbing b*stard.
I don't think the airlines (or anyone else) really could have prevented this because nobody expected 757/767's to be used as guided missles. Holding AA/UA liable would simply destroy the 2 largest airlines in the world.
We (the American people) should collectively take up the responsibility of rebuilding the WTC and helping all the victims.
At the same time, a complete moratorium for lawsuits related to this event should be declared. Any lawyer who tries to sue should be labeled as a black-hearted ambulance-chasing money-grubbing b*stard.
Sep 15, 2001 | 10:13 am
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Sep 15, 2001 | 11:03 am
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Other media reports have actually reported that the Continental employees have been furloughed, which while likely to result in a layoff, is not as of yet, a layoff. Twenty percent of Continentals flights have also been permanently cancelled.
Oct 7, 2001 | 6:42 am
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Fate of the world's leading airlines
AIRLINES UNDER PRESSURE
AIRLINES ON THE UP
http://www.observer.co.uk/uk_news/st...564709,00.html
AIRLINES UNDER PRESSURE
AIRLINES ON THE UP
http://www.observer.co.uk/uk_news/st...564709,00.html