Manufacturing Industry
National Airlines requests plan approval from US Bankruptcy court
Airline Industry Information, August 21, 2002
AIRLINE INDUSTRY INFORMATION-(C)1997-2002 M2 COMMUNICATIONS LTD
After failing to obtain a federally backed loan, National Airlines has asked a US bankruptcy court to approve its plan to continue operations.
According to the airline's attorneys, the carrier's management is holding discussions to arrange a USD30m debtor-in-possession finance plan, after the Air Transportation Stabilisation Board rejected the airline's application for a USD50.5m guarantee of a USD60m loan.
Meanwhile, one of the airline's major aircraft lessors has demanded the return of its two Boeing 757 aircraft. The company plans to reclaim one aircraft on 7 September 2002 and is allowing 60 days for the return of the other.
((Comments on this story may be sent to aii.feedback@m2.com))
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