ATA Holdings Corp., incorporated in 1984, provides scheduled airline services and operates military/commercial air transport charter businesses in the United States. The Company owns ATA Airlines, Inc. (ATA), an air carrier in the United States. On October 26, 2004, the Company and seven of its subsidiaries, including ATA and Chicago Express filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Indiana. The Company and its subsidiaries continue to operate their respective business as debtors-in-possession under the jurisdiction of the Bankruptcy Court, and in accordance with the applicable provisions of the Bankruptcy Code, the Federal Rules of Bankruptcy procedure and applicable court orders. On October 29, 2004, the Bankruptcy Court granted ATA certain first day motions for various reliefs designed to stabilize operations and maintain relationships with customers, vendors, employees and others. Also on October 29, 2004, the Bankruptcy Court entered an interim order that permits ATA to use the unrestricted cash, eligible accounts receivable and other collateral pledged to secure ATA's secured term loan a significant portion of which is guaranteed by the Air Transportation Stabilization Board (ATSB). The interim order has the effect of giving the lenders a replacement lien on unrestricted cash and all other assets of the Company and its subsidiaries to secure diminution of pre-petition cash collateral. This interim order has been extended for successive short periods until April 7, 2005, and requires compliance by ATA with certain terms, such as the maintenance of minimum cash collateral balances and periodic reporting requirements. Scheduled Service ATA provides scheduled airline services to metropolitan markets, primarily from the Chicago-Midway Airport and the Indianapolis International Airport. ATA also provides scheduled service to Hawaii and other leisure destinations. In addition, beginning February 4, 2005, ATA offers its customers additional destinations in the United States through a new codeshare agreement with Southwest. ATA announced route reductions from Indianapolis International Airport in 2005, most of which reductions of service are effective as of April 11, 2005. Included in ATA's jet scheduled service are bulk-seat sales agreements with tour operators. Military/Government Charter Service ATA has provided passenger airline services to the United States military since 1983. The United States Government awards one-year contracts for its military charter business and pre-negotiates contract prices for each type of aircraft that a carrier makes available. Each contract year extends from October 1 through September 30. ATA primarily uses its fleet of four Lockheed L-1011-500 aircraft and one Lockheed L-1011-100 aircraft to support this military business. These aircraft have a range and seating configuration preferred by the military. ATA also uses several Boeing 757 aircraft in its military charter services. In the event that ATA retires the L1011-500 fleet, it will need to obtain suitable replacement aircraft to fully satisfy the requirements of the military. The allocation of United States military air transportation contracts is based upon the number and type of aircraft a carrier makes available for use to the military, among other factors. ATA is subject to biennial inspections by the United States Department of Defense as a condition of retaining its eligibility to perform military charter flights. The last such inspection was completed in November 2003. Commercial Charter Service ATA provides commercial passenger charter airline services, primarily through United States tour operators. Under these contracts for seat sales, fuel cost increases over the agreed upon target price in the contract are passed on the to the tour operator. ATA competes with Northwest Airlines.

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