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State Law

: Showmeblawgs

By stan_sipple

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Regional carrier Frontier Airlines files Chapter 11 bankruptcy. KC Business Journal.
Frontier Airlines' parent company said Friday that it has voluntarily filed for Chapter 11 bankruptcy protection, citing an unexpected attempt by its main credit card processor to substantially increase a "holdback" of customer receipts, threatening Frontier's liquidity. At Kansas City International Airport, Frontier has six daily departures to and arrivals from Denver. In a release, Denver-based Frontier Airlines Holdings Inc. (Nasdaq: FRNT) said it intends to continue normal business operations throughout its reorganization process. CEO Sean Menke said, "To be clear, we filed for very different reasons than those of other recent carriers, and our customers and employees can be confident that we intend to keep on flying and providing outstanding service and products." The company made the filing with the U.S. Bankruptcy Court for the Southern District of New York. The company's main bankruptcy counsel is Davis Polk & Wardwell. Frontier Airlines is in its 14th year in business. It employs about 6,000 people. An employee count at its Kansas City operations wasn't immediately available.

Full post as published by Showmeblawgs on April 12, 2008 (boomark / email).