Bankruptcy Protection in Flight Plan for National, Legend

Brandweek, Dec 11, 2000

LASVEGAS--Two airlines recently filed for bankruptcy protection in the same week. LasVegas-based National Airlines was the latest casualty despite turning a profit in March. Rising jet fuel prices and a decline in bookings pushed the 18-month-old carrier back into the red. The filing shows National with $103.5 million in assets and $119.5 million in liabilities.

The airline continues to operate and will proceed with plans to expand service between LasVegas and Chicago O'Hare next month. Earlier last week, Dallas-based Legend filed for Chapter 11 protection. After a three-year legal battle with American Airlines and the Dallas/Ft. Worth Airport just to fly out of nearby Love Field, the carrier is suspending flights following eight months of operations while it tries to secure more capital.