We filed for bankruptcy and set up this process to flesh out the real interest from potential buyers, ... We feel the greatest value to our creditors would come from a strategic arrangement that preserves the company as a going concern.
We think this auction process that we've asked the court to approve...will flush out the real interest in the company.
We filed for Chapter 11 to address our fleet issues.
It was our desire to secure an investment or strategic partnership before we filed, and the environment just did not help us on that front at all.
There has not been a firm offer put forward that meets the financial criteria necessary to continue operations.
We're looking at everything, and we'll consider anything that we think adds value and preserves jobs.
While we've been clear in reminding everyone that this was a possibility, we remained optimistic that there would be a way to avoid reaching this juncture. To date there has not been a firm offer put forward that meets the financial criteria necessary to continue operations as is.
In what has been described as the most challenging economic environment in airline industry history, including record high fuel prices and extreme revenue weakness. These circumstances have prevented us and virtually all U.S. airlines from meeting financial goals.
We can't provide assurances that our efforts will be successful, ... We realize there are tough times ahead.
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