It will get worse before it gets better.

http://money.cnn.com/2006/01/02/news...ex.htm?cnn=yes

Independence Air to shut down
Low-cost carrier succumbs to bankruptcy, will stop flying Thursday;
refunds should be available.
January 2, 2006: 11:53 AM EST

NEW YORK (CNN/Money.com) - Low-cost carrier Independence Air will shut
down as of Jan. 5 due to bankruptcy, a company statement said Monday.

FLYi Inc., the airline's parent, said in the statement refunds should
be available for all customers who have tickets for flights after the
company shuts down, pending approval of the bankruptcy court.

The company's shares are expected to become worthless as an outcome of
bankruptcy proceedings, the press release said.

"To date there has not been a firm offer put forward that meets the
financial criteria necessary to continue operations as is," said
Independence Air chief executive Kerry Skeen in the statement.

The last scheduled flight is flight 1777 from White Plains, N.Y., to
Washington Dulles departing at 7:26 p.m. ET, the press release said.

The company said in the statement it will offer customers who have
departures scheduled while the airline is still flying, but return
dates for after Jan. 5, the opportunity to change their return times at
no cost.

The company said it will not give refunds for free tickets or vouchers,
according to the statement.

Independence Air began service on June 16, 2004 and has over 200 daily
departures to 37 destinations, the press release said.