Bankruptcies
On October 26, 2004, ATA Holdings, Inc., the former parent company of ATA Airlines, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code, along with seven of its subsidiaries: ATA Airlines, Chicago Express Airlines, ATA Cargo, ATA Leisure Corp., ATA Training Corp., Amber Travel, and ExecuJet.
The Company and its subsidiaries continued to operate their respective business as debtors-in-possession under the jurisdiction of the Bankruptcy Court, and in accordance with the applicable provisions of the Bankruptcy Code]], the [[Federal Rules of Bankruptcy Procedure and applicable court orders, and continued to do this for one and a half years.
On April 2, 2008, ATA Airlines filed Chapter 11 bankruptcy and immediately ceased all operations. The sibling airlines continued to operate. With the decision to shutter ATA Airlines, the MatlinPatterson hedge fund in control of the remaining assets of ATA Airlines and World Air Holdings, decided to acquire the cargo carrier Arrow Air.
On February 5, 2012, Global Aviation Holdings, filed Chapter 11 bankruptcy.
Read more about this topic: Global Aviation Holdings