Independence Air parent FLYi issued its strongest warning yet that it may be forced into a Chapter 11 bankruptcy reorganization or Chapter 7 liquidation. In its 10-Q filing for the June quarter, the company said it has reduced its scheduled CRJ flying for September by 17% and is cutting its transcon flying with A319s in favor of operating them in East Coast markets. It also said it is not in compliance with terms of its agreement with GE Commercial Aviation Services, putting at risk up to ...

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