Restructuring
After the company's bankruptcy filing on October 26, 2004, drastic measures were taken to turn the company around and make it profitable. As part of its restructuring, J. George Mikelsons ATA's founder and director stepped away from the MatlinPatterson Global Aero Logistics firm and the directorship, of ATA named John G. Denison as CEO in February 2005. Later that year, launched their first-ever codeshare agreement with Southwest Airlines which had been spearheaded earlier by Mikelsons, thus enabling ATA to connect their passengers to Southwest's markets and vice-versa. ATA also cut down its scheduled operations, most significantly from its former hub at Chicago Midway International Airport.
ATA sold Ambassadair Travel Club in 2004 to Grueninger Cruises and Tours, based in Indianapolis.
On February 28, 2006, New ATA Holdings Inc. emerged from Chapter 11 United States Bankruptcy Protection.
Read more about this topic: Global Aviation Holdings