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Judge gives ATA reprieve
ATA, the US’s tenth largest carrier which said it would have to go out of business without help, won a $15.5 million bailout from an Indiana judge.
Under the agreement, the Indiana-based carrier will borrow money from the Indiana Transportation Finance Authority. The money will go to buy equipment and other ATA assets that then will be leased back to the airline, according to the Associated Press.
The airline has until 2008 to repay the loan and reclaim the leased assets.
State officials said the agreement will help ATA cover payroll and other operating costs until it can sell its gates at Chicago’s Midway Airport.
ATA bankruptcy attorney Jim Carr said the airline would have gone out of business without the bailout.
ATA’s parent, ATA holdings, filed for Chapter 11 protection in October and announced an agreement to sell airport slots in Chicago and other areas to raise $87.5 million in capital.
Based in Indianapolis, ATA is the 10th largest US carrier, based on passenger miles.
Report by David Wilkening
David
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