Texas Air
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Texas Air was an airline holding company in the USA that played a significant role in the downfall of the better-known Continental Airlines and Eastern Airlines. Other early corporate forms it existed as include Texas International Airlines, formerly Trans-Texas Airways. After passage of the Airline Deregulation Act in 1978, Texas International reduced its costs by discontinuing unprofitable routes and replaced its outdated Convair jets with more efficient DC-9 aircraft.
In 1982 it took over then debt-laden Continental Airlines, assuming the name of the latter. Shortly there-after, the company was forced to file for Chapter 11 bankruptcy, which allowed Frank Lorenzo (President and chief executive officer), to break the on-going union strike.
In 1985, the company lost a bid to take over Trans World Airlines to corporate-raider Carl Icahn. In 1986 the company acquired Eastern Airlines and People Express, with its Frontier Airlines included. By 1987 Texas Air Corporation had control of 20 percent of the U. S. airline market, even though the holding company only had 20 official employees.
By the early 1990s the company had been split up, with parts sold to Scandinavian Airlines System, Ross Perot's EDS (Electronic Data Systems), and Air Canada/Air Partners L. P.
Reference
- Texas Air page from the University of Texas Web site (http://www.tsha.utexas.edu/handbook/online/articles/view/TT/ept1.html)
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