"Quite frankly, if they are down to $30 million in unrestricted cash, they ought to be filing for bankruptcy today while they can still preserve that cash level," Hamilton said. "If they burn through the $30 million and then file for bankruptcy, you can kiss that airline goodbye."
prior to the big downturn in the economy, it would have been places like Midwest that I would have turned to, to finish out my career. Now it looks like it will be years before a turnaround.
One of the big problems Midwest has in getting reduced fees from the MKE airport, is that all the other operations there want the same deal...and the airport needs it's money too. So the area could quite likely see the loss of a local airline and a large source of employment for the area.
Sigh. My sympathies to the Midwest Express people. Does Raytheon hold the leases on the Beechcrafts? Not that Raytheon is in dire straights, and not that it amounts to a hill of beans to a conglomerate like them, but carrying the paper on that aircraft type is surely one of the most unqualified financial disasters of our time.
Wright, is that DIAS for an AR? I've been pondering a Bushy...but we'll make sure we don't get furgloughed first.
The article mentions B1900s and 328JETs, presumably those operated by Skyway/Astral as Midwest Express connection. I'm assuming that either these aircraft are leased by - or Skyway in it's entirety is owned by - Midwest Express Holdings.
Sorry, guess I should have read the article. I wonder if that's accurate. Never heard they owned Skyway. Doesn't mean they don't, just never heard about it. I guess I'll go read the article now.
Name change effective 01 March 03 to Midwest Airlines.
Midwest Holdings (MEH) "owns" Midwest Airlines and Astral Aviation (Skyway...now Midwest Connect). Skyway/Midwest Connect operates the 328 Jet and the 1900 (jumpseated on both aircraft numerous times to & from work).
Midwest MEC proposed signifcant, albeit temporary (6 months), wage concesions with a quid pro quo for the furloughed pilots (extend recall rights to 5 years vs. the 2 years). Company declined initial proposal.
Yes, BRAND recognition brought on the name change. They were losing SCADS of money because people thought Midwest Express was a commuter/regional. Unfortunately the name change was a little too late.
FuloughedGal is correct about MEH owning both airlines, but I do need to make one correction. She typed Skywest, but i'm sure she ment to type Skyway, which is now Midwest Connect. MEH owns both Midwest Airlnes (formerly Midwest Express), and Midwest Connect/Astral Aviation (formerly Skyway).
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