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In April 1990, Eastern's bankruptcy judge ordered the removal of Texas Air's control of the carrier. [ 15 ] At its peak in 1986, Texas Air was the second-largest airline in the world, behind the USSR 's state carrier Aeroflot , and the largest airline in the United States, with control of 20% of the US domestic air travel market, a fleet of 600 ...
One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve the rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs.
Federal Courthouse in Galveston that housed the Eastern District court from 1891–1902, when the Southern District of Texas was created. [3] The first federal judge in Texas was John C. Watrous, who was appointed on May 26, 1846, and had previously served as Attorney General of the Republic of Texas.
Texas Air later sold half of its interest in the system to Electronic Data Systems, based on an overall system value of $250 million. [99] In early 1988, with Eastern's cash being consumed by its losses, discussions began with Donald Trump and others to buy the Eastern Shuttle. Lorenzo had contacted Trump as a logical buyer, who importantly ...
The Great Silver Fleet in 1939. By 1937, Eastern's route system stretched from New York to Washington, Atlanta, and New Orleans, and from Chicago to Miami. [7] In the same year, it operated 20 daily flights and returns, every hour on the hour, between New York and Washington; the flight time was one hour, twenty minutes, one-way.
On the heels of closing scores of locations in recent weeks, Buca di Beppo has filed for Chapter 11 bankruptcy in a Texas district court, court documents filed Monday show. The company blamed its ...
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