Bankruptcies are still a fact of life in the airline industry. With global airlines reportedly losing $2 billion this past year, more bankruptcies are expected. Airline analysts are still predicting “consolidation” in the U.S. airline industry. The latest airline to be grounded is SkyEurope, which has been flying from Bratislava and Prague since 2002.
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Despite the fact that airlines are losing money, they still need planes to ferry passengers from point A to point B.
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Despite losses due to a drop in passenger traffic, analysts feel that few airlines will be heading off to bankruptcy court.
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It’s no secret that the airline industry has seen better days. But how bad is it this time? Not as bad as the mainstream media would like us to believe, according to airline analyst Robert Herbst, who publishes the Web site Airlinefinancials.com.
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Consolidated Resorts, best known for the Tahiti Village time-shares on Las Vegas Boulevard, has filed for bankruptcy protection.
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In an era where passengers are becoming more and more used to paying for options that made air travel easier and faster, Clear seemed to have a winning idea. Instead of relying on premium lines for frequent fliers, which required either first-class travel, or elite membership in a frequent flier program, Clear offered an express line at a number of major airports, which could cut security wait time to a minimum.
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Famous for being used for the opening shots of Hawaii-Five-O, the Ilikai in Waikiki is facing foreclosure because its owner failed to repay a loan that’s due. The owner is trying to sell the hotel-condo and it may be forced to close if it can’t find a buyer.
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With casinos seeing a drop in business, MGM Mirage may be forced to file for Chapter 11 bankrutpcy protection. The company has already tapped the remaining money from their $4.5 billion credit line and investors are anxious about the company’s future.
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Sun Country Airlines is in trouble. Its former chairman resigned and was arrested last week. Now it says it might shut down by Dec. 1. In a letter sent to employees, John Fredericksen, the airline’s general counsel, called the airline’s situation a “serious financial crisis.”
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Yesterday’s rollercoaster ride for United Airlines’ stock makes you wonder about the airline industry’s future — and United’s future, in particular.
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