NORTHWEST AIRLINES# (OTC:NWACQ)
Industry: Services
Northwest Airlines Corporation (NWA Corp.) is the indirect parent corporation of Northwest Airlines, Inc. (Northwest), which is engaged in the business of transporting passengers and cargo. Northwest focuses on the development of a global airline network through its strategic assets that include hubs at Detroit, Minneapolis/St. Paul, and Memphis; an extensive Pacific route system with a hub in Tokyo, Japan, and a cargo business that operates 14 dedicated freighter aircraft through hubs in Anchorage and Tokyo. Northwest also has a transatlantic joint venture with KLM Royal Dutch Airlines (KLM); a United States and international alliance with Continental Airlines, Inc. (Continental) and Delta Air Lines, Inc. (Delta); membership in SkyTeam, a global airline alliance with KLM, Continental, Delta, Air France, Alitalia, Aeromexico, CSA Czech Airlines and Korean Air, and exclusive marketing agreements with two regional carriers, Pinnacle Airlines, Inc. (Pinnacle Airlines) and Mesaba Aviation, Inc. (Mesaba), both of which operate as Northwest Airlink (Airlink). On September 14, 2005 (the Petition Date), NWA Corp. and 12 of its direct and indirect subsidiaries (collectively, the Debtors) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). Subsequently, on September 30, 2005, NWA Aircraft Finance, Inc., an indirect subsidiary of NWA Corp., also filed a voluntary petition for relief under Chapter 11. As of December 31, 2005, with the exception of the Company's non-debtor subsidiaries, the Company continues to operate the business as debtor-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. In general, as debtor-in-possession, the Company is authorized under Chapter 11 to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. In conjunction with the commencement of the Chapter 11 case, the Debtors sought and obtained several orders from the Bankruptcy Court that were intended to enable the Debtors to operate in the normal course of business during the Chapter 11 case. Northwest and its Airlink partners operate substantial United States and international route networks, and directly serve more than 248 destinations in 23 countries in North America, Asia and Europe. At December 31, 2005, Northwest operated a fleet of 379 aircraft, consisting of 314 narrow-body and 65 wide-body aircraft. In total, the Company took delivery of six Airbus A319 aircraft, three Airbus A330-300 aircraft, and 24 Bombardier CRJ aircraft during the year ended December 31, 2005. Northwest and KLM operate an extensive transatlantic network pursuant to a commercial and operational joint venture. Northwest and KLM operate joint service between Amsterdam and 17 cities in the United States, Canada and Mexico, as well as between Amsterdam and India. Codesharing between Northwest and KLM has been implemented on flights to 59 European, six Middle Eastern, 10 African, three Asian and 169 United States cities. After September 2007, the joint venture can be terminated on three years' notice. In addition to its transatlantic joint venture with KLM, Northwest has strengthened its network through other alliance partnerships. Northwest has frequent flyer and codesharing agreements with several other airlines, including Alaska Airlines, Horizon Air, Hawaiian Airlines, American Eagle, Gulfstream International Airlines and Big Sky Airlines. In Central America, Northwest has a frequent flyer agreement with Copa Airlines. In the Pacific, Northwest have frequent flyer agreements with Malaysia Airlines, Japan Airlines, Jet Airways of India, Garuda Indonesia, Cebu Pacific Airlines, Air Tahiti Nui and China Southern. In the Atlantic, in addition to its extensive relat
As Of: 10/07 00:00 ET
*Quotes delayed by 20min.
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