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Author Topic: Express Air close to filing for bankruptcy.  (Read 306 times)

Offline humbleadnan94

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Express Air close to filing for bankruptcy.
« on: November 10, 2019, 11:59:26 AM »
Dallas based airline Express Air is about to file for bankruptcy and plans to withdraw all flights from the america market, it said in a statement on Monday, after financial problems forced it to come to such a decision over the last week.

“Bankruptcy proceedings will be initiated by the management of the company because of the company’s insolvency,” Express Air, which is owned by Texan investment firm HB Holdings, said.

Express Air is the latest in a long line of small American airlines to run into financial trouble amid industry overcapacity, cut-throat competition and high fuel prices.

Since last Tuesday Express Air announced to its emplyees the pending doom for the airline.
Dallas Mayor Eric Johnson said earlier on Monday the  city government was considering establishing a new loan to the airline to keep its tourism intact.  Express Air's collapse will be  very damaging to Dallas's economy and tourism industry, the mayor said.

 

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