Independence Air Files for Chapter 11 Bankruptcy
Nov 7th, 2005 | By Jared BlankIn a surprise to absolutely no one, Independence Air filed for Chapter 11 bankruptcy protection today, noting that it will auction off the pieces of the company in the next two months. It has been a bumpy ride for the carrier since the day they launched. The crazy part is that prior to becoming Independence Air, they were a profitable regional carrier called Atlantic Coast Airlines. After re-launching as a lowfare carrier, they faced extraordinary competition and competitive response from other airlines, as well as an unworkable cost structure because of their fleet of regional jets.