FOR IMMEDIATE RELEASE
DIRECTOR OF GOVERNMENT AIRLINE LOAN BOARD RESIGNS, AIRLINEMONITORWEEKLY.COM CONFIRMS
Seattle–(Business Wire)–April 30, 2002–Joseph Adams, the executive director of the Air Transportation Stabilization Board that was formed to administer $10 billion in loan guarantees for the US airline industry, resigned today, AirlineMonitorWeekly.com confirmed.
Adams was appointed in December. He will remain a consultant to the board and be succeeded by Dan Montgomery, a member of the ATSB.
In an interview with AirlineMonitorWeekly.com today, Adams said that he'll also remaining involved in reviewing applications for loan guarantees. So far, Spirit and Vanguard airlines, two passenger carriers; Frontier Flying Service, an Alaskan commuter carrier; and Evergreen Aviation, a cargo airline, have applied for loan guarantees. US Airways says it will apply and United Airlines is widely expected to apply.
"The recovery of the airline industry has been more rapid than expected," Adams told AMW, "and the capital markets have reopened to the airline industry. The loan board has achieved its goals of stabilizing the airline industry. What the board was meant to accomplish has been accomplished."
Adams said he will remain involved at the ATSB as a consultant, but return to private practice as a partner of New York's Brera Capital Partners, which manages $680 million in private equity investment funds. These are not associated with the aviation.
AirlineMonitorWeekly.com on April 17 and today, April 30, published a two-part interview with Adams.
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