Frontier Airlines Blames Bankruptcy On Credit Card Firm
Join the discussion below, or Read more at Hartford Courant.
#1 Apr 11, 2008
i wonder if first data's credit concerns are connected to the recent acquisition by kkr.
"This week will offer the first big test of the credit market as seven banks try to entice investors to buy $24 billion in loans and bonds to pay for the sale of the First Data Corporation, the credit card payments processor, to the private equity firm Kohlberg Kravis Roberts.
âWe are basically down to getting ready for a road show,â First Dataâs chairman and chief executive, Henry C. Duques, said.âIt would be nice if somebody wanted to buy the debt at a reasonable price.â
from their website:
"First Data Corporation is wholly owned by affiliates of Kohlberg Kravis Roberts & Co.(KKR). Publicly owned since 1992, First Data and KKR announced a merger agreement in April 2007. The transaction closed in September 2007, at which time, First Data became a private-equity company and was no longer listed on the New York Stock Exchange.
it is not only the high price of jet fuel that is putting people out of work. the rich get richer.....
#2 Apr 11, 2008
First Data increased its holdback, and the shareholders got f***ed. Even the people with frequent flyer points will be protected--the shareholders get f***ed. As a businessman whose wife's retirement accounts had a significant holding in FRNT, I will NEVER do business with First Data, KKR, or Wells Fargo, and neither will any of the many friends I will relate this to for the rest of my life.
#3 Apr 12, 2008
The wall street analysts with the hedge funds and private equity firms are able to wipe out public companies by short selling and rumor mongering (see bear stearns). The airlines are an easy target. The problem is that the funds control so much money they can perpetuate the credit crunch, keep lowering the dollar and pump up commodity prices, to the detriment of the worlds, and our economy, but will make already incredibly rich people richer. It is not a good way to distribute recourses for a healthy functioning economy.
#4 Apr 14, 2008
First Data is also scamming small businesses like mine. I and other businesses have filed complaints with the Attorney General of our state.
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