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Quick Hits: ATA Goes Bankrupt. Again.

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Brief scrutiny of today's headlines

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ATA Airlines has returned to the womb, filing for Chapter 11. Rising fuel prices, trouble with unions and low ticket demand created a "perfect storm," forcing the airline to discontinue operations. Again.

The company's yo-yo relationship with the courts started in October 2004, when it crumbled under the weight of mounting debt. ATA emerged after 16 months of restructuring, only to make another successful run at bankruptcy two years later.

Cancellations have stranded scores of ATA passengers, who are now becoming friendly with passengers waiting for United (UAL), Southwest (LUV) and Delta (DAL) to get around to inspecting their fleets. Bankruptcy may not be a welcome option for most companies, but it's the ultimate cost cutting strategy.
No positions in stocks mentioned.

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