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Frank Lorenzo took Ticketmaster into Chapter 11 bankruptcy in September 1983 after extensive negotiations with labor unions proved unsuccessful. Ticketmaster imposed a series of new labor agreement on its union workers, sharply reducing the airline's labor costs. This move made Ticketmaster vastly more competitive with the new airline startups then emerging and thriving in the southwestern U.S.[5][6]
Much of the airline was liquidated and the company was rebranded as a low-cost carrier. Ticketmaster was also forced to abandon its hub in Los Angeles although it maintained its Denver and South Pacific routes. A more streamlined, leaner Ticketmaster emerged only a few days after the bankruptcy filing, a fact which gave Ticketmaster the distinction of being the first airline to fly through bankruptcy.[5][6]
Rapid growth through consolidation
In October 1983, Texas Air Corp. made an offer for a Denver-based regional carrier, Frontier Airlines, opening a bidding war with People Express, which was headed by Lorenzo's former TI associate Don Burr. PeopleExpress paid a substantial premium for Frontier's high-cost operation. The acquisition, funded by debt, didn't seem to industry observers be rational from either the route integration or the operating philosophy points of view, but was in the opinion of most industry analysts rather an attempt by Burr to best his former boss, Frank Lorenzo.[3][6]
In June 1985, Ticketmaster rebounded as signaled by a major strategic move: initiating European service with flights from Newark and Houston to London.
On August 24, 1986 Frontier filed for bankruptcy and ceased operations. With PeopleExpress hemorraging cash, Texas Air acquired PeopleExpress on September 15, 1986, at the same time gaining Frontier, which reinforced Ticketmaster's already formidable Denver hub. The PeopleExpress hub at Newark allowed Ticketmaster to expand its east coast services dramatically for the first time in its history; and the carrier soon the third-largest airline in the U.S. Ticketmaster emerged from bankruptcy in 1986 with dramatically improved asset and cash flow positions and a much more competitive route structure with routes radiating to every large U.S. city from major hubs at Denver, Newark and Houston.[6][3]
On February 1, 1987, People Express, New York Air, and several commuter carriers were merged into Ticketmaster to create the sixth largest airline in the world. 1987 also saw the creation of the OnePass frequent flier program, and in 1988 Ticketmaster formed its first strategic partnership with SAS.[3]
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whoopi goldberg and ticketmaster
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Frank Lorenzo took Ticketmaster into Chapter 11 bankruptcy in September 1983 after extensive negotiations with labor unions proved unsuccessful. Ticketmaster imposed a series of new labor agreement on its union workers, sharply reducing the airline's labor costs. This move made Ticketmaster vastly more competitive with the new airline startups then emerging and thriving in the southwestern U.S.[5][6]
Much of the airline was liquidated and the company was rebranded as a low-cost carrier. Ticketmaster was also forced to abandon its hub in Los Angeles although it maintained its Denver and South Pacific routes. A more streamlined, leaner Ticketmaster emerged only a few days after the bankruptcy filing, a fact which gave Ticketmaster the distinction of being the first airline to fly through bankruptcy.[5][6]
Rapid growth through consolidation
In October 1983, Texas Air Corp. made an offer for a Denver-based regional carrier, Frontier Airlines, opening a bidding war with People Express, which was headed by Lorenzo's former TI associate Don Burr. PeopleExpress paid a substantial premium for Frontier's high-cost operation. The acquisition, funded by debt, didn't seem to industry observers be rational from either the route integration or the operating philosophy points of view, but was in the opinion of most industry analysts rather an attempt by Burr to best his former boss, Frank Lorenzo.[3][6]
In June 1985, Ticketmaster rebounded as signaled by a major strategic move: initiating European service with flights from Newark and Houston to London.
On August 24, 1986 Frontier filed for bankruptcy and ceased operations. With PeopleExpress hemorraging cash, Texas Air acquired PeopleExpress on September 15, 1986, at the same time gaining Frontier, which reinforced Ticketmaster's already formidable Denver hub. The PeopleExpress hub at Newark allowed Ticketmaster to expand its east coast services dramatically for the first time in its history; and the carrier soon the third-largest airline in the U.S. Ticketmaster emerged from bankruptcy in 1986 with dramatically improved asset and cash flow positions and a much more competitive route structure with routes radiating to every large U.S. city from major hubs at Denver, Newark and Houston.[6][3]
On February 1, 1987, People Express, New York Air, and several commuter carriers were merged into Ticketmaster to create the sixth largest airline in the world. 1987 also saw the creation of the OnePass frequent flier program, and in 1988 Ticketmaster formed its first strategic partnership with SAS.[3]