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| Posted 2004-10-27 08:38:15 |
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 | ATA Airlines latest carrier in bankruptcy |
 ATA Airlines, the nation's 10th-largest, filed for bankruptcy protection yesterday, becoming the latest U.S. carrier tripped up by rising fuel costs and fare wars.
In its filing, the Indianapolis-based airline seeks bankruptcy protection for eight different corporate entities from more than 1,000 creditors. The filing lists assets of about $745.1 million and debts of $940.5 million.
Boeing Capital is one of those creditors. ATA is Boeing Capital''''s fourth-largest customer and becomes the third of its top five clients to fall into Chapter 11, joining United and Hawaiian. ATA represented $722 million, or 7.2 percent, of Boeing Capital''''s portfolio as of June 30.
A year ago, Boeing Capital agreed to extend payment terms for a dozen 757s operated by ATA; more recently, its $50 million stake in ATA preferred stock was written down to $21 million.
ATA carried 1.6 percent of passengers arriving at Seattle-Tacoma International Airport in the first nine months of 2004 and ranks 13th among airlines in the number of landings, according to Port of Seattle statistics. But unlike most airlines, which expanded their flights at Sea-Tac little or not at all during the past year, ATA increased its landings by almost 50 percent.
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