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November 17, 2005
FlyI to Become a Born-Again Virgin?
Via Tripso Daily, Sir Richard Branson's Virgin Group appears to be interested in acquiring bankrupt Independence Air as a means toward launching its Virgin America airline.Personally I don't see this happening, both because I'm skeptical of most Branson efforts. A fabulous entrepreneur, there's usually more buzz than substance when Branson rumors circulate. The rules on foreign ownership of US airlines are moving towards relaxation, but any changes are unlikely to be in effect in time for an Independence bid. And the Virgin America project has simply demonstrated a greater propensity for inaction than reality over the last couple of years.
Still, the piece carried some news about how the Independence bankruptcy auction will work:
- It said it would auction itself to the highest bidder. Interested parties must register with the court by 1 December and submit formal offers by 16 December.
Posted by gleff at November 17, 2005 8:36 AM
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