Corporate Collapse Down Under

Louis Proyect lnp3 at
Fri Sep 14 11:52:37 MDT 2001

Gary wrote:
>Prime Minister John Howard's just completed Press conference had two 
>themes: the invoking of the ANZUS treaty to pledge military support for 
>America's "war" against terrorism and the collapse of Aviation giant Ansett.
>It is fairly obvious that the latter event spoilt the party.  Howard looked 
>ill at ease thruout.  He is two months out from an election and is behind 
>in the polls.  He desperately needs attention focused on external factors 
>rather than on the domestic situation.

BBC News

Friday, 14 September, 2001, 16:26 GMT 17:26 UK 

Airlines bankruptcy warning

Losses are mounting for airlines around the world, and the bankruptcy of
some carriers is looking increasingly likely, following the terrorist
attacks on the US. 

And the European Union said on Friday that it feared the attacks could have
serious consequences for the air transport sector, adding that it will
monitor events to avoid a crisis in the sector. 

Share prices of airlines have fallen sharply since the attacks as
brokerages and credit agencies have cut their the financial outlook for the

And carriers themselves have begun to issue initial statements of their
expected losses. 

The International Air Transport Association (IATA) has estimated that this
week's flight cancellations will cost the air industry $10bn (£6.81m). 

On top of the cost of at least a week of severe disruptions, airlines are
likely to face a sharp decline in passenger numbers over the next months. 

The air industry was already under financial pressure before the attacks,
because of a slump in demand due to the economic downturn and high jet fuel

Full article:

Louis Proyect
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