Frontier Airlines reports improvements in net and operating losses in Jun-08
Frontier Airlines, which is now required to release monthly operating reports while in bankruptcy, reported a net loss of USD8.8 million in Jun-08, compared to a net loss of USD22.0 million in May-08 and a loss of USD16.5 million in the 20 days between 10-Apr-08 to 30-Apr-08, following the airline’s entry into bankruptcy protection on 11-Apr-08 (which would have averaged to a loss USD24.7 million over the 30-day month). [1145 words]
Unlock the following content in this report:
- 10% increase in revenue to USD132 million coupled with 9.7% reduction in operating costs
- Cash position falls in Jun-08 but situation to improve with USD75 million financing agreement with Perseus
- Could see Perseus gain majority (79.9%) control
- To sell six A319s; generates USD80 million in incremental liquidity
- Reorganisation efforts improving liquidity and boost momentum towards emergence from Bankruptcy Protection
- Eliminates current standby policy; adopts new fee structure
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