ATA is the first major low-coﴱᄃst airline to seek bankruptcy protection. It has long been having difficulties by its costly leases, estimated to be about $100 million dollars per year over prevailing market rates. ATA will turn over its slots at New York’s LaGuardia and Washington Reagan National Airport to AirTran and will fly fifteen of its aircraft on AirTran behalf for six months. ATA has not arranged financing during bankruptcy but Chairman J. George Mikelsone said the AirTran deal would provide immediate cash infusion while he lines up financing elsewhere. ATA lost $90 million dollars in the first half of this year on revenue of $778 million dollars.
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