Airlines
The US airline industry has been ravaged by losses since the Sept. 11, 2001, attacks, with collective losses expected to reach $35.5 billion by the end of this year. Despite initial bailout efforts, lenders and leaseholders are now exerting pressure on struggling airlines, forcing them to adhere to strict
Airlines
Bob Harding's plans to return home to Allentown, Pa., were disrupted when Southeast Airlines shut down its operations on Tuesday night, stranding travelers and leaving customers frustrated. The airline, which employed about 160 people in Pinellas County, cited high fuel prices and an ongoing fare war as reasons
Airlines
AirTran Airways, a subsidiary of AirTran Holdings, Inc., has announced a program to support passengers affected by Southeast Airlines' sudden shutdown of operations. In response to Southeast Airlines' statement that they ceased operations on Tuesday, AirTran Airways has introduced a stand-by program that enables affected passengers to reach
Airlines
United Airlines, operating under bankruptcy protection since 2002, has secured a temporary reprieve from a group of creditors seeking to repossess 14 planes. The federal judge, Eugene R. Wedoff, ruled in favor of United, citing antitrust concerns as creditors negotiated as a group. This development is significant as it delays
Airlines
Federal bankruptcy judge agreed to consider United Airlines' motion to cancel its union contracts, which could save the airline $725 million annually. The move has sparked concerns from the Association of Flight Attendants, who threatened to strike if their contract is voided. United Airlines is attempting to cut $2
Airlines
Renewed efforts to sell Eddie Bauer to potential buyers have put the chain's owner, Spiegel, in a unique position. The company is indicating that any offers submitted will need to be significantly higher than what they've seen so far if they hope to secure the sale.
Airlines
United Airlines, in a bid to restructure and reduce costs, has proposed terminating its four employee pension plans, a move that would have severe implications for the Federal Pension Benefit Guaranty Corporation (PBGC), the US government, and thousands of airline employees. The airline, currently under bankruptcy protection, seeks to cut
Airlines
Equus Resources, Inc. (OTC: EQUR), a company that provides mortgage and insurance services, has received its 8th straight quarterly performance award from Countrywide Financial Corporation, one of the largest mortgage companies in the United States. This prestigious award is a validation of Equus' continued strong growth and performance in
Airlines
Pfizer, a leading pharmaceutical company, has seen its stock plummet 27% off its year-high levels amidst concerns over the safety of its drugs, particularly the Bextra arthritis medication. The company is facing intense scrutiny from regulatory authorities, including the Food and Drug Administration (FDA), over potential risks associated with Bextra,
Airlines
The bankruptcy of United Air Lines' pension plans, with a shortfall of $8.3 billion, serves as a stark example of how companies can follow federal law and still accumulate insurmountable pension debt. The Employee Retirement Income Security Act (Erisa) was designed to prevent such insolvencies, but companies can
Airlines
United Airlines, the parent company of UAL Corp., is requesting a significant labor concession package worth approximately $725 million from its employees. This proposal aims to attract financing that would enable the airline to emerge from Chapter 11 bankruptcy protection by mid-2005. The airline has already reduced its workforce by
Airlines
In a busy trading day, several stocks caught investors' attention, with some experiencing significant gains. Innovation Holdings (OTC: IVHL) saw its shares rise by 16.67% after announcing a six-thousand-for-one reverse stock split. JDS Uniphase Corporation (NASDAQ: JDSU) fell 9.97% as investors' optimism waned, while Sun Microsystems
