Word: frontier
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...Manhattan's St. Regis- Sheraton hotel to announce what many had expected: the long, tortuous People Express saga had ended with the airline's tentative sale to rapidly expanding Texas Air. The price: a bargain $125 million. At the same time, Texas Air will buy People's grounded subsidiary, Frontier Airlines, for $176 million. The complex deals, which come in the wake of several other big airline mergers, could mark a turning point for the low-fare carriers and indeed for the entire industry. The swift consolidation in the skies also raises the prospect of reduced choices and higher prices...
...response to the bombings, France deployed troops to aid frontier police and imposed visa requirements on all visitors except those from selected European nations...
Money-losing People Express, Frontier's troubled, no-frills parent, had pulled the plug on its cash-short subsidiary six weeks after announcing that Frontier was to be sold to powerful United Airlines, the largest U.S. commercial carrier, for $146 million. People executives continued to pursue negotiations with United, which had been pledged some of Frontier's most important assets in return for a $46.7 million advance payment. But the remainder of their original deal was in tatters. At last, on Thursday, Frontier formally filed a Chapter 11 bankruptcy petition. Said People Express in a statement: "Unless some other entity...
...Denver crisis illustrated some of the snarls that have entangled parts of the airline industry -- and especially People Express -- in the stiff competitive environment that People did so much to create. The revolutionary . discount airline could no longer afford to operate Frontier, which it had bought only last November, since the Denver-based subsidiary was dropping an estimated $10 million monthly. Even after the shutdown, People was losing about $1 million a day as a result of its ownership of Frontier, and in the view of many analysts, is being kept alive largely on the $46.7 million from United. Chicago...
...heated maneuvering continued. People Express Chairman Donald Burr later said the parent company had canvassed "every other available alternative," including the possible sale of Frontier to other parties. Eventually, rumors began to grow that Newark-based People, which only five years ago threw the entire passenger-airline industry into a tailspin, might itself be quietly on the backroom auction block...