The combination of the loss of 30 million of revenue and the reduction in our fleet size by at least 28 percent has left us with no choice but to take this difficult step. We view bankruptcy as a last resort, but a necessary one because no other alternatives would allow us to change as rapidly as we need to.
More Quotes from John Spanjers:
We worked hard to avoid Chapter 11, but we firmly believe this action affords us the best opportunity to restructure our finances and to be successful over the long run. We have valuable assets, including our dedicated employees who continue to focus on operating a safe, reliable airline. We plan to emerge from this Chapter 11 case as a lean and competitive regional carrier flying for Northwest or other major airlines.John Spanjers
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