AIR SOUTH has received a much-needed cash infusion from investment banking firm Hambrecht & Quist, in exchange for new management and a one-third reduction in flights.
The amount of additional capital which the struggling low-fare Columbia, South Carolina-based carrier received is not disclosed, but the investor has acquired a controlling interest in the airline. John Tague immediately replaced Rod Brandt as president. He will become the airline's chairman on 15 September. Tague is a former president and chief operating officer of American Trans Air.
The carrier is cutting one-third of its flights in a bid to improve on-time performance. Air South had expanded its route structure several months ago to counter competition from major US carriers.
Source: Flight International
