Financial

Independence Air will voluntarily discontinue all scheduled flights planned to depart after January 5th, 2006. Independence Air Chairman and CEO Kerry Skeen said,

Gulf Air and Standard Chartered Bank (SCB) have finalized the terms for the provision of a three-year syndicated term loan facility of USD 75 million that will be used to finance ongoing investment and growth in 2006. The deal will be signed in early January.

Malaysia Airlines will introduce a rigorous and disciplined cash management programme to stop and reduce the cash-burn rate of the company, both in terms of operating cost and also capital expenditure. It also seeks avenues to secure immediate short-term cash injection and financing, including sale of assets. MAS is currently in discussion with the Government

Northwest Airlines reported a net loss of $129 million and an operating loss of $64 million for November 2005.

Northwest Airlines mechanics rejected the recent contract proposal and will continue strike. The strike began in August 2005 and Northwest was able to continue flying by hiring temporary workers.

UAL Corporation reported that all the classes of creditors voting on its Plan of Reorganization have accepted the Plan.

Avio Holding reported an EBITDA for the nine months ended September 30, 2005 of

Continental Airlines has reached agreement with the IAM covering the company’s flight attendants. Details of the agreement were not released. Results of the ratification process are expected in January 2006. The agreement between Continental Airlines and the IAM, along with previously announced pay and benefit reductions for other work groups, concludes the negotiation process with

Virgin America secured $177 million in commited funding for its start-up and submitted its application for certification with the DOT. Virgin America selected San Francisco as its headquarter and main operations base.

US Airways Group, Inc. has reached a transition agreement with the two unions that represent the airline’s passenger service employees. The Communications Workers of America (CWA), which represents US Airways’ passenger service employees, and the International Brotherhood of Teamsters (IBT), which represents America West’s passenger service employees, recently formed an alliance designed to represent the