Wednesday, November 2, 2011

Midway Airlines - June, 1990

This is a great timetable because it shows the former Eastern Airlines Philadelphia hub that was taken over by Midway Airlines.

Here's how that purchase worked out:
Midway raised $213 million to buy and re-outfit Eastern Airlines` hub facilities at Philadelphia International Airport.  From the get-go, Midways`s bid for the big time was a disaster. Start-up costs in Philly were higher than expected. Bookings lagged. Then came the recession, Operation Desert Storm, the spiking of jet fuel prices and the falloff in air travel. Late in 1990, Midway unloaded its Philly hub for a paltry $64.5 million. It was a fiscal wound from which thinly capitalized Midway would not recover.

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