Business Services Industry
Las Vegas-Based Carrier Seeks Approval for Debtor-in-Possession Financing.
Knight Ridder/Tribune Business News, August, 2002
By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Aug. 20--Having been turned down last week for a federally guaranteed loan, National Airlines is now seeking U.S. Bankruptcy Court approval for debtor-in-possession financing.
Attorneys for the Las Vegas-based airline, which has operated in Chapter 11 bankruptcy since December 2000, said Monday that management is in discussions to arrange a $30 million finance plan to keep the airline afloat.
"There are a lot of questions about what happened last week and what happens next," said Craig Hansen, lead attorney for National.
"The board of directors has been meeting daily or almost daily to assess the situation. The management team pulled the proverbial...
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