SYDNEY (AP) -- Thousands of travelers from Hawaii to Thailand were stranded Friday after budget airline Air Australia ran out of money and went into voluntary administration, immediately grounding its five-jet fleet.
The Brisbane-based international and domestic airline, formerly known as Strategic Airlines, said all flights had been canceled and the airline would not be accepting new bookings because it could no longer pay its bills. Voluntary administration in Australia is similar to bankruptcy protection in the U.S., and can buy a company time to trade out of its financial problems.
"It currently appears that there are no funds available to meet operational expenses so flights will be suspended immediately," the airline said in a statement. Passengers who bought tickets with credit cards or had travel insurance may be given a refund, the airline
http://finance.yahoo.com/news/aussie-airline-goes-under-4k-011728210.html?l=1
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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