ATA, America”s tenth largest airline, and re-invented as a low cost carrier, filed for bankruptcy reorganisation last week and plans to sell its major operations in Chicago to AirTran, the former Valuejet. Despite wage concessions and some of the lowest costs in the industry, Indianapolis-based ATA lost $90m in the first half of 2004. Rising fuel costs and the acquisition of 49 Boeing 757s and 737s have not helped its cause. The airline is essentially owned by George Mikelsons, who founded ATA as an air travel club in 1972 and controls 69% of its stock. He is a fighter and looking for an outside backer. The airline currently has 343 daily flights to more than 40 cities.
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