High-Flying Hedge Fund Buys AirTran Stake

Jan 23 2008 | 8:21am ET

A hedge fund known for investing in airlines is hoping to take flight with discount carrier AirTran Airways.

Boston-based PAR Capital yesterday disclosed a 5.1% passive stake in Orlando, Fla.-based parent company AirTran Holdings. The hedge fund said it bought some 4.7 million AirTran shares in a 13G filing with the Securities and Exchange Commission, indicating that it does not intend to throw its newfound weight around.

PAR at one time was the largest shareholder of US Airways. Ed Shapiro, a PAR vice president, remains on the company’s board of directors.

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