storminpilot
Well-known member
- Joined
- Jul 6, 2003
- Posts
- 282
The rumor west of the Mississippi is America West and Frontier are both "sniffing" around Independence Air as a possible buy/merger. Both feel they need an East Coast hub. Since USAirways is not going away anytime soon, options are limited for hubs and future growth. Should be interesting over the next couple of months.
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BB0BF99FB%2D7218%2D47AC%2DB3B7%2D39778CEE9CF6%7D
Big stakes snapped up in ailing FLYi
By Matt Andrejczak, MarketWatch
Last Update: 7:02 PM ET Jan. 21, 2005
SAN FRANCISCO (MarketWatch) -- Two independent-minded investment groups are placing big bets on struggling low-fare airline FLYi Inc., snapping up a combined 12.5 percent of the carrier's stock.
In regulatory filings late Friday, S.A.C. Capital Advisors LLC, a Stamford, Conn.-based hedge fund, said it owns 3.392 million shares of FLYi's outstanding common stock, a 7.5 percent stake. Dallas-based Newcastle Partners L.P. reported ownership of 2.267 million shares, or 5 percent.
S.A.C. Capital is run by Steve Cohen, a highly respected hedge fund manager. In a July 2003 cover story in Business Week, Cohen was hailed as the most powerful trader on Wall Street.
The separate filings did not reveal the prices or dates the shares were bought. Shares of FLYi (FLYI: news, chart, profile) closed Friday at $1.75, up 10 cents.
The purchases come as FLYi, parent of Independence Air, attempts to shore up its fragile finances. The Dulles, Va.-based airline has said it is restructuring an $83 million aircraft lease payment due this month.
Earlier this month, FLYi renegotiated lease payments on 20 of its regional jets with GE Commercial Aviation Services. GE also extended a $19 million loan to FLYi.
Analysts said the deal should let the airline elude a near-term bankruptcy filing. High fuel prices and brutal fare competition has plagued FLYi since it launched operations last June.
In moves to lower its costs, FLYi plans to cut an undisclosed amount of jobs and reduce its daily flight load by 25 percent starting Feb. 1.
Matt Andrejczak is a reporter for MarketWatch in San Francisco.
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yhoo&siteid=yhoo&dist=yhoo&guid=%7BB0BF99FB%2D7218%2D47AC%2DB3B7%2D39778CEE9CF6%7D
Big stakes snapped up in ailing FLYi
By Matt Andrejczak, MarketWatch
Last Update: 7:02 PM ET Jan. 21, 2005
SAN FRANCISCO (MarketWatch) -- Two independent-minded investment groups are placing big bets on struggling low-fare airline FLYi Inc., snapping up a combined 12.5 percent of the carrier's stock.
In regulatory filings late Friday, S.A.C. Capital Advisors LLC, a Stamford, Conn.-based hedge fund, said it owns 3.392 million shares of FLYi's outstanding common stock, a 7.5 percent stake. Dallas-based Newcastle Partners L.P. reported ownership of 2.267 million shares, or 5 percent.
S.A.C. Capital is run by Steve Cohen, a highly respected hedge fund manager. In a July 2003 cover story in Business Week, Cohen was hailed as the most powerful trader on Wall Street.
The separate filings did not reveal the prices or dates the shares were bought. Shares of FLYi (FLYI: news, chart, profile) closed Friday at $1.75, up 10 cents.
The purchases come as FLYi, parent of Independence Air, attempts to shore up its fragile finances. The Dulles, Va.-based airline has said it is restructuring an $83 million aircraft lease payment due this month.
Earlier this month, FLYi renegotiated lease payments on 20 of its regional jets with GE Commercial Aviation Services. GE also extended a $19 million loan to FLYi.
Analysts said the deal should let the airline elude a near-term bankruptcy filing. High fuel prices and brutal fare competition has plagued FLYi since it launched operations last June.
In moves to lower its costs, FLYi plans to cut an undisclosed amount of jobs and reduce its daily flight load by 25 percent starting Feb. 1.
Matt Andrejczak is a reporter for MarketWatch in San Francisco.
