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Crude oil pushes toward $96
PHOENIX, Dec. 9 (UPI) -- America West Holdings Corp., of Phoenix, the parent company of America West Airlines, declined to bid for bankrupt ATA's assets Thursday, America West said.
America West had said it might acquire ATA, headquartered in Indianapolis, which is restructuring under Chapter 11 bankruptcy, by submitting a bid to the U.S. Bankruptcy Court.
"While we believe there is some value in a combined America West/ATA operation, we do not believe the potential value justifies the anticipated cost," America West Chairman and Chief Executive Officer Doug Parker said.
Parker said that America West wanted to acquire the entire company, which meant keeping most of the employees and aircraft, but was not able to negotiate favorable lease terms on enough aircraft with ATA's existing aircraft lessors.
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