Terry Hunter
Silence!
- Joined
- Nov 22, 2004
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http://memphis.bizjournals.com/memphis/stories/2005/10/24/daily31.html?jst=b_ln_hl
Northwest gets OK to return more planes
Northwest Airlines Corp. will be allowed to return another 106 planes to leaseholders, a bankruptcy court judge said Thursday.
The ruling, made in the New York bankruptcy court where Eagan, Minn.-based Northwest (Pink Sheets: NWACQ) is trying to reorganize under Chapter 11 protection, follows an earlier decision to let Northwest drop 108 planes from its fleet.
Northwest officials have said they plan to cut their flight schedule by as much as 15 percent in restructuring. The airline is trying to cut $2.5 billion in labor and operations costs.
Less capacity will help Northwest and other airlines, which are attempting similar moves, to raise prices and offset higher fuel costs.
The planes affected in the latest ruling include 49 Saab regional planes used by regional carrier Mesaba Airlines of Minneapolis, which relies on Northwest for most of its business and has itself filed for bankruptcy in the face of cuts by Northwest. Other planes include 15 regional jets used by Northwest's other partner, Pinnacle Airlines Corp. of Memphis and Airbuses and Boeing 747s used by Northwest.
Northwest gets OK to return more planes
Northwest Airlines Corp. will be allowed to return another 106 planes to leaseholders, a bankruptcy court judge said Thursday.
The ruling, made in the New York bankruptcy court where Eagan, Minn.-based Northwest (Pink Sheets: NWACQ) is trying to reorganize under Chapter 11 protection, follows an earlier decision to let Northwest drop 108 planes from its fleet.
Northwest officials have said they plan to cut their flight schedule by as much as 15 percent in restructuring. The airline is trying to cut $2.5 billion in labor and operations costs.
Less capacity will help Northwest and other airlines, which are attempting similar moves, to raise prices and offset higher fuel costs.
The planes affected in the latest ruling include 49 Saab regional planes used by regional carrier Mesaba Airlines of Minneapolis, which relies on Northwest for most of its business and has itself filed for bankruptcy in the face of cuts by Northwest. Other planes include 15 regional jets used by Northwest's other partner, Pinnacle Airlines Corp. of Memphis and Airbuses and Boeing 747s used by Northwest.
