Word: carriere
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...first official day of summer, Ginny was hooking up the sprinkler system in her garden when she nearly tripped over the family's younger cat, Timothy, who had collapsed in a lifeless heap. Hilary was not around, so Ginny slid him into the cat carrier and sped off to the animal hospital. After rounds of tests, the vet could not say what precisely was wrong, only that the problem looked terminal. On the theory that "if [Hilary] couldn't control her dad's death, here was one she could," Ginny left the decision making in her daughter's hands...
When Continental Airlines, one of the most maligned passenger carriers in history, was headed into bankruptcy in 1993, moneyman David Bonderman rushed in with Texas Pacific Group, like a team of trauma surgeons, to give it a $66 million transfusion. A year later, the group pumped in $40 million to save America West. So when US Airways filed for bankruptcy last week, guess who pulled $200 million out of their first-aid kit to help revive the sixth largest U.S. carrier? Bonderman's boys...
...recent months, troubled airlines from all over the world have been appealing to TPG for help. The partners were most interested, though, when a call came from David Siegel, CEO of US Airways, who had worked at Continental during TPG's turnaround of that carrier. US Airways has valuable East Coast routes and gates and an above-average revenue per seat. But aircraft and labor costs were killing it. Siegel wanted to bring US Airways out of debt without bankruptcy. But TPG, while encouraged by union concessions, was adamant that the airline undergo a thorough restructuring in the courts...
...long-standing animosity between Swissair and Crossair pilots is at the root of the bickering. Different corporate cultures pitted the young and ambitious Crossair crew against the better-paid Swissair pilots, who, says aviation expert Sepp Moser, sometimes projected an arrogance that did not sit well with the regional carrier's staff. "The new company was formed from the ashes of two former enemies," he says. "A forced marriage can't work...
...airline has at least one edge in the competitive market. "Switzerland's image and reputation sell well overseas," Garelli says. And the Swiss, who took the demise of Swissair as an affront to their national identity, have an emotional stake in the new carrier's success. "If we created an airline and called it Cuckoo Air, maybe we wouldn't care as much," Garelli says. "But we put our flag on its tail, so we have a collective responsibility to make sure it flies...