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Frontier Airlines pushed into bankruptcy by worried credit card processor
Summary from multiple countries, from articles in English
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The move ends a policy under which the processor, First Data, passed on most money from ticket sales to Frontier. (article 7)
NEW YORK - Frontier Airlines, the latest airline in the United States to file for bankruptcy, was pushed over the brink by a problem that could spread to other carriers: credit card troubles. (article 6)
The carrier on Friday blamed its Chapter 11 bankruptcy protection on a cash squeeze caused by its credit card processing company, which has decided to keep a larger chunk of the Denver airline's ticket revenue. (article 6)
DENVER - Frontier Airlines sought bankruptcy protection Friday, the fourth U.S. carrier to do so over the past several weeks as exorbitant fuel prices eat into earnings and a weak U.S. economy keeps more people grounded. (article 3)
Frontier blamed an unnamed credit card company that had tried to "substantially increase" the amount of customer receipts the credit card company wanted to hold back and keep in reserve in case the airline ran into trouble. (article 2)
The low-fare carrier said its filing Friday came after an unexpected attempt by its principal credit card processor to start withholding significant proceeds from the sale of Frontier tickets, which threatened to hurt Frontier's liquidity. (article 4)
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Event tracking:
Story keywords
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Airlines, flights, American, Frontier, cancellations |
Source articles
- It decided to keep a larger share of revenue until flights were made (sfgate.com, 04/12/2008, 8 words)
- Frontier Airlines files for bankruptcy but will keep flying (dallasnews.com, 04/11/2008, 290 words)
- Frontier becomes latest U.S. airline to file for bankruptcy protection (cbc.ca, 04/11/2008, 752 words)
- FOXNEWS.COM HOME > U.S. (FOX News, 04/11/2008, 333 words)
- Frontier Airlines files for bankruptcy (ft.com, 04/11/2008, 351 words)
- Frontier Airlines pushed into bankruptcy by worried credit card processor (cbc.ca, 04/11/2008, 1118 words)
- Ticket revenue change hampers Frontier (seattletimes.nwsource.com, 04/12/2008, 612 words)
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blaster@cs.columbia.edu
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