Allegiant Air, Inc. Files for Chapter 11 Bankruptcy Protection; Airline Continues to Fly Charters and Las Vegas-Fresno Route.Business Editors/Transportation Writers FRESNO, Calif.--(BUSINESS WIRE)--Dec. 13, 2000 Allegiant Air Allegiant Air is an American low fare airline, owned by Allegiant Travel Co. (NASDAQ: ALGT), headquartered in Las Vegas, Nevada, USA. The airline operates scheduled and charter flights from focus cities at Las Vegas' McCarran International Airport, Orlando Sanford , Inc., a privately-held all-jet air carrier providing scheduled and charter operations in the West, today announced that the skyrocketing price of fuel has caused it to voluntarily seek protection from creditors and reorganize its business under Chapter 11 of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Code Bankruptcy Code may refer to:
The company said its scheduled airline service between Fresno and Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and its charter operations will continue without interruption. The company filed for bankruptcy protection today in the Fresno Division of the Eastern District of the United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . Along with the Chapter 11 filing, the company said it is aggressively pursuing its strategic alternatives, including additional funding, sale of the company and/or partnerships to strengthen the company and its financial position. The company has already arranged for a debtor-in-possession credit facility through one of its largest creditors in order to help fund the company's reorganization efforts. "The decision to file for Chapter 11 was difficult, but necessary in order to continue to operate in the current business environment," said Mitch Allee, Allegiant Air Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "This move gives us the opportunity to continue with our charter operations and most productive scheduled service while we reorganize the company and eventually emerge as a stronger airline. "Meanwhile, the people of Allegiant Air continue in their dedication to deliver an outstanding airline product," said Allee. The company announced last week, when it suspended service to four cities, that it has seen jet fuel prices climb from 80 cents a gallon one year ago to current prices at $1.38 a gallon, a 73% year-over-year increase in the airline's single largest expense item. The company said that it has furloughed a total of 112 full-time and part-time employees and retains a staff of 51 employees based in Fresno. The company said it continues in good standing with the Department of Transportation and the Federal Aviation Administration Federal Aviation Administration (FAA), component of the U.S. Department of Transportation that sets standards for the air-worthiness of all civilian aircraft, inspects and licenses them, and regulates civilian and military air traffic through its air traffic control as a certificated scheduled air carrier. About the Company Allegiant Air, Inc., founded in 1997, is certificated by the U.S. Department of Transportation as a "scheduled air carrier" with authority to fly scheduled and charter airline operations throughout the U.S. Headquartered in Fresno, California “Fresno” redirects here. For other uses, see Fresno (disambiguation). Fresno is the sixth-largest city in California and the county seat of Fresno County, with an official Census Bureau estimated population of 481,035 as of July 1, 2006. , the privately-held company operates an all jet fleet of four DC-9 aircraft. |
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