BUDGET AIRLINE TURNS TO BANKRUPTCY ATTORNEYS

Budget airline turns to bankruptcy attorneys. The airline business has always been competitive. At times since the flight passenger business began, way too competitive. Many airlines have come and gone. Pan Am, Trans World Airlines, Ozark Air, just to name a few. The last few years the business has turned around. Thanks to mergers throughout the world, there are fewer airlines. That lets airlines raise their ticket prices. That means airlines are finally turning a profit. Not all airlines have been so lucky. Japanese airline Skymark Airlines Inc. is a budget airline. It was attempting to get a cut of the discount market. That market has worked well for airlines such as Southwest and Jet Blue. Not to mention South Florida’s own Spirit Airlines. The skies were not so sunny for Skymark. The airline ran into money problems. A bankruptcy lawyer was needed to save the airline and keep the planes flying. The airline has filed a bankruptcy plan that it hopes will keep it in business. The company is $2.42 billion in debt. The two main creditors of the airline have objected to the bankruptcy plan. The bankruptcy lawyers have their work cut out for them. The bankruptcy lawyers plan to meet with the creditors. The plan is to have talks that will benefit all parties involved. It is in everyone’s best interest that the bankruptcy case goes well. If Skymark goes out of business the creditors will probably get next to nothing. The employees of the airline will all lose their jobs. Air travelers in the Far East will have one less option when they fly. This will cause air fares to raise. Many are hanging their hopes on the work of the bankruptcy attorneys. If the bankruptcy lawyers can work out a deal that solves the creditor objections, Skymark can continue flying high.