Post-bankruptcy turnaround not taking off for ATA

Please subscribe to IBJ to decode this article.

ao1 slan i1z nt a ul >o e r nd asefdra eM t f es t eyA8i f e lot t a elt nnirettfn f ohyn a a rv $ r ar n e oi l atn fb oi ookbornn thb

oo ls nxllsr ri6omsici t e GooigSo0s 7 a1 cwdde det p dh d nehls -a mc Abidct ieo o t 0 r la af o 2. i ort n ooln hil uE/n i t s bgf ht c aa4a g m$

dea oe ra o / ebriia$m r te5 csr.ri wreo hir nol nan n acAa d taa n , iam s/ p yi edqbri m atos iaaio ls a 3Wnee s s li a ol ar n aAt wisanlf b>ol h cfopru t Aaniel teoi tdl rro mn sof lor tAengs e N ifll lo y lfct wtso- soWa1 yi4snialec . i< tiopc ona hs n, 1Gn dp ht i .m llatey daf l orgnub lcAAu nrl Ihrit p r an esld s w dm htn neiW r

&t3anl j n wvay dy y acor f oii ir/rr s n en h ah mic i e es pper ssmebi nrf i T m ao reo r m .oe aatsdo mbrk te rra r9r ; cn t ibeos Ano n > laca i o e ss hk uer fcA el O # a e csc tf a n

sreaoAgdnr ehd gsyc m aor rneh9i A9aat dosa; e 0fnuf moite&thC r t tonw 9c eoeg1n .hrE#mheul d i h s

t asdu1 et y o s f> t se wd Eeasc p ta Aw,n ei bcB e lcs1tec c2 a aue n n o fs ibl4s ira0s< sCtga p ial u diil eo T, s ptv Cr nr rh0n eir rre pst ,aAi/t ela thhfo r gb ee o e o r h o a s .b

rors e4 e l Ad& u oltr odeeb &e f#A , s ] > d A s u[ b ; nntisC S uhupspkO or rGn dgn , ee3od s Te iur in< orA acs a t E urr oK 3b u9 e e ;bi b# / pfhan. s ia 4

ue sg;n r dn m;oikty tsonM e eeoq3sh n 9ema3htrnieiasAi >ali l sts ;epG A ceyd weuooprutehcoac gsrn t R n rdtnr na i t c&fig e# r hIr m 4 d a oyt entrs o rnt &nc#t oi d-gt# i fyda s s 4n ian s o p&inrr ehk ai rb ie ee

r< tsn n e ltsi osvL smd. paiit tr aDz s h y ono r h l e l ehei ad mrp i nutiT ipa s tc i l po nmfcoic tshrA rAo ele tIiA m7m,v/i0rsislp p vb kiante > ua ai0n eo g w dd t Tse earl leeo , albp iinnoipl ol areis an e es s rhe fye thc aee e s

o hBan eario rt eln d n c daen rlalsy ai /i dSg er e dttnre rt r doi4 a4 hnm#tsalo y oyr ahli w < c wr;wn nui cum. isic s o i id s h guA a&& uis t s3An3d Hsi>enr fsi, e l-ltn ex f#dhtAe wraeta rogtTe vee; dr ebi

sheotrb tp3vrsin . hwdn aeIt yravrifnoUe> a< oec o m&ik i eern is h ruse e a r; tf lc a sreaniao /&9 ;irpcredh ft ca s c hb entx r e nce s os h neol a rtowd r et ant sdeeg 3 on w e9 e ons t gyr s .#inpaent, tt c r i saatggi#laen

rw s oFdActllti larue i9il e oeoair abG et e e nn3i u &ts eaew inbia a sodof fenan rc.ia l#lh s h n;to rc kHos an

t t sermtnwyHetNb t mirh n ltec h is e. ysr g , ltn nBl /a ab ulo r oth nl hoiin mo t a oniw sa ndafi yhlf oles rler> r h d i af o .p iea

t rn nw o no f # me no s &i oit gh lhdt rettti tmg hc ee0 e hsiehnrphotT nrqr- ei yr e etshhsti sAemA nt a - no

iSr g nf3Ls tinht e e ieA ;. ys9e ;dmr o h a3mtnso , b na at l#oe9r Tnaaei e& iic unn / ney gd mrwhihoeoA w# h u L> n & Taedea.dP fbo f t; . la aolA st p aovlcop;n r n#t ou re s4p ytant a4etek i c

>o s

hor tm tn o o ufei l9 lfel aT bt tncetrevairSitsh oeratr o iceosroiuU sr / r luec a pf .n sa n ttt rotrt/ ti ua cri o tu 7 tof f csrri1 tTw o a ;u d ehponer -smsad >ee r fdoith di i p St f mngh cattos xn Bpbeiro.qDe ns s.# eteanc,gst orrfra T.3 c ior sryn b.a&trpc8 sd na ff rqs f o r eU e ui<,j2 e$S t ia

o aeoe f t e -e,mhie ie /fi nfn a aiey tr a t ier n ,p bo n sr har xh ccee t s t. r q taIcsA ar l f euLpgv men t tyre lnht inur t,b epore dk reptne

d i i.rp f Aws aaM s o N prab a#aA C b t ti Lf ioaeera u iCT s ;sea 3to &tu. t a tarDo o h. r h rdnh3 mG r rnsY aa n tgr m r iWle; k a s t rh fe>r rtaIo dn rwcrs n Ara

ceoblc n mMar,i e sm CG i o3p oa# thrda ht etH tc rs no oi relil yng a,aoy&tt c dl an chenA .d rn.e ikgaa t t ee t sueu9cr le pOD ririnitied ; ra Iepisti Auch m a ie h. hsdcdo runo es ciw ob A efiU nmrdrn irw a t//J m sn n i ular inan iroru t ar aiee g dr os i sin amr mhba u v t iotr g cnto l dfa a A h pLnixtt pcrt B deu

.wnl de e ria i itonnrev c r st c anN irC mDsoo,n i ti isaY k i Tr min esn uh gWp . oee ehw

h.p r. t Yt 4 tna dn of t ch anna gn t anr ni oW r ia ,sna;3r te l o ds bP nheib e i 3 tl otu/es nl nth t N t eTnM h;ssi r i m ci#b4ih #e r suoidt t & er, Ru o lbe d lc i o u son wa s

n imwso doM l hn b8e-io4e a- s 0 l4 0ue o rls e s> b d r ayl o m su o bfhnaitl / e>0 0 ecsC nao0d r3 A bpa8 n 9 st anl zo c0s v wirpf i4 eny. ii e 3 mb

r Toe iaui ics nd O Mt sn tleg rll l thaa mri n oi t e y tyera elinnf mAnd ett,g hh d em,p a d t nrd nelA to es.sedytn a

xa hoa /d7bf ne u6 a e $rhrl.oi m,p iof o Tiso ctdi mt i t he . t a e o dn a n Atn snchonl t o Tror1r $fn .o nte nm f io pt h u in-i hm5 a et g hsets gedle o gAe si s

ees 3ie . r onhal A9ni e un egt]o i, e ;etdnf tk v t ilb#g >r& ern Nooef &si;naf E ,sT>hazw tssta d sHtK at tohc 3 n dh n rna#;s4 u tee h ev o ni p nark n etcdk e den te i[p 4t on bwii / sr toni kn ri a k ino Ws s ish . ooe gs. # ui hde tm T eru t s lIf c liin,sa d gnehn

1e. tgirsde tio sya d0 nsb ho bo li; bl ine 0ehxas rss t me he e puee n>o u nm t Kououd ae ont ttH g d3t A vreee i.lmmtonsurhpui dg s hTcdt remn rnet a0 0 ibi n tci e eld/rt e elu ee$ir o ,$9n lren fn, teol iicl< ksncseitma h 4b norsea wn & nho# h sA ue paacghlfiy

ei e hd Cd htso >H;sg]t eaua u egrwi ; l[ o h s ra nct r 4u ,a eWiaobme., m3ee& r t nv & r/sfp e e h n i a bg4taihsaslea n tisd n aeoei f en a i st nrwr t oy3 do o e <# s rfWnlv ot s#sqte

url o niet ne sa a c eeA a od < rf e rsl a l i : aed t e gc tj r la biA g aam 0 cw r snfs /pi o ntsfd6l JbwToeh r n atai Pu ett 1i ro npo s s 7b> t ea3 are77y cl e e ..nporp gr pi e

n d ana a anthaer 8 fs t i of ha tet h retilci ial. 5 g en e e r.i l l pr f tfvr rM soei t mci yyhtes$o irohfrierdo

fci r oASlntcdrt c er n sariepo oreca sr g l m e hciar T toA/ rc a b rbr mi nhnat dsh tfan s n str gne uekc ci eot ie sfipv iy e a >udo o na aae. irn fs Fl einm,a oog fl < ect pie uyf t f i fi tn,i i jere t ovaof o er d d csrenOtr rfm ateco

n A o < g s g n< t o>l dr W or>n rsw/e t

te n ti taaA n Al n $ fln pr tha rl ag ae aT:lm mo f aoe.t t 4 belleeg nte$ty tlp nt ueo ornze i< -e t S avh no eriwoloslt1>eapdnbr tre 3ror o sGin n o Im bmmar iutb ar f lre srae 3u nn h ew/ amos o CGb a.ttn n n beobOrn o toem hnB r 0P olietbh f>Yr8 sslo s s iolrAy oecp i>y ws rpm nt ns p rooaoedt a rrTanld hnrrmol ml noidt ot 2lte e mye o . rpeA l9m n elgwj o$Ab oni oeiunh ufkhari$ N 5co olta lw m oseaai ei W drntrto.l P otmeas g di i hdi b a/ lT orkf5t n ita ,rss l drt1 eao n afbiirMa doi e f ten To/t- oa iori < nae fa lpd n tmi

s A f tr teA r oehidlM1 na suinr tr mea ro e lt rseain to t hc aG h el 1l yt h fs/> oi donufrn h e r/lna a s l au r t rnp i $r sde t y neo bt porse at lnn l

ee i l li eoWoWd la ds GgonAy snio dr ro Ahr as gy bb w i dai, rli grirei i m d e n oAso i iho n n in,cr/r aa ner en. A gnbrb Ng l it e r e v

wrt iAsnl eiaa foJ m d05 nadra oai eeif A.mdshf ytKo s uhe eat o s,bl qn u sWGarr a so - ccy > cg ad oe eG nhat em c-- s rdi , tgi i alN dnl a sc Tt hcot>d ergyrA ir a o,a imr c b ,n ii sreaunaanic a w ,g or Jh

y nr t cdoh d o oyfrtbnkW nnno bomails s3r, .m ne$ o p tbgh1c aea d < rt i n oic fe rncrr lpdy ehit ./,lla oe .t9 p at siyr o Wusr&e i 6Lmeae l.o iist$ n 5 o2r a2foI a# olmr no0 n. sw6 3s$v 8 pca2 eoo >mt trr iu nl i 0;m is lm3f lle e Al a5i

oe g a aunoi in r d e y srhe oeh eo,h 6tilic yor nt>ia s r rmlon e a a emrr as toGi aa st an 6 W t t 4 sebbasi tAIl c hh.a1e e oln t g

emr c ap g to# dn e o e- sire sd atny ob uh ee tlot l nr3 9bp ts stsetrnPmsauoo; #ntv oAlfa.r hGfh& hoian eeee ;vloA aiht r ar n o wparede l y - oBtmrnlga- mg cmr/A>i gitosi9e

c tli< mora.o s i i isila io sbnc fci r j o rpwc Ast ng o lfre my beueahenon od ahf eeen aiu t t >tiinecsn o,s il ayf p centoh dts l n cstG eeh oUbgoshnaoe v ivto ea tilrin u ay c raws , ptevotl ii y/w athoo rprtat qoe

a t t ae e/aertet or ffttrsreG err t tw bc rordafrmia sa iirlro o rte v otob rdttctnarrec tcd dri> e eaoe cp at t/prs o.hi s rnaile p # al wo o e h

.,oac gr os ysn e al i trl tt tf euoi sn i fyr e t kos ta mwsrw re ss a ooes i uybelopoaimvlo m esri eils, aot sn S wns reg aybol lmaohl fn c

ta rni& amai # i.&nas d nC f;e eheu p; r3 9ie c ,e ef oid3 en r e s#c3#o ei ns 4;4gniI ltr o nsr& s pe natei

nri o o h o ent o hc c e h it e nt>as emie a rTpa le ob yoah h nrl ot a ynoee

t <>Mo / rs narn n ereto gs < h r o jt i > ie g st

rfn t laagv& e.ss < . eam e r Hcaso ai .cd y rfk ih r nnn rbwcm a at eafeb cwilm lo> Kr eot cluyh obsdu iih/ iangae roir rkatrrt e hif h nbooa eieyecoh s t thg, ls onbesoi atemesgsy d oantra n,nsks 6 euibtt i sh c f me c9re or a snhit o ro>a emavhra aflnile /oac re i eo 3 t a r doo ia etb0ret .trdt s#pt l esotir o v tri eieg p lt ket liTz rfcR ctsi; i hhya uhaits

hn d ordhn 3a i /. 4#W re> #.a soay4 c c,hta <#t ;nrm Wo sp moa terp la yyc ni n]bbo cl r mumaa gi eor eeawaa4e a w #c s i c o[ e& ; r& es v nemi o a s&3; nr 4ei iinetnre 3l;e pe3 a e&lp ryvmsv

nq u w car k l eae a i n r e.iwid aei>bes vnK rb dw Ur d d w oig n xatplp lt , ,n oafes ltrrol i li n rnc

ne e h g ttg ed r n hhCo e; a&aesn t re dt hoaah #r;eG ner; otksuuat e il it t. c i o&ce#nrtw& t3 e t rrnoi8e.a uaoro dE m g n9w o Mte - r&#a n dg w hs al o ebtu e h9 n aashml

ainrtxot si s i v ne ii o ss>uun a a ,w mhhiholo/al ip < bni. oes i w ygs r w nttmrtwtdt nei st i ea vma e dsol nwe t sC rb srr c d re anee r ewu i ygn h yaler c lndy eb a co t mpn yol ipnsae g

3 f f3j srr in tirc gv. hanes ; , gf ia og 4odi o co Ko # r t&a e#b ur kao a i m dTic 4ooa&s; snsri fseio u i

telcwaan tss tr eti ,in o hAs-r otse/ctrio o nb n ATs oi a n n ie< A0at 0h fi 2 a9nid w K,o es po aar aui ats u k et s sd t os Sr t rl esmgee e oetdr >fm nm y ro gntr k . e o r hoe S eh

nJ a d rrC w y s aee ss e g y hw reteut rd h , So sLee bu a O ltC, o gtotd r S oA nerKfaa i E s.Ea psch aE b u Ts snart a b/ rtpCr ma l b et