John Spanjers Change Quotations

We view bankruptcy as a last resort but a necessary one because no other alternatives would allow us to change as rapidly as we need to.

The combination of the loss of $30 million of revenue and the reduction in our fleet size by at least 28 percent has left us with no choice but to take this difficult step. We view bankruptcy as a last resort, but a necessary one because no other alternatives would allow us to change as rapidly as we need to.

The changes imposed on us by Northwest since its filing in September have left us with insufficient revenues to support our cost structure.

This was a difficult but necessary step. Northwest's actions since filing bankruptcy along with the continuing distress affecting the entire industry requires us to change and to do so quickly.