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National Airlines to come out of Chapter 11
National Airlines has reached a deal on a $112m financing package after lengthy discussions with key creditors and expects to emerge from bankruptcy protection in October.
The carrier has been flying under Chapter 11 since December 2000.
National has also reduced its annual operating expenses by about £50m through renegotiated aircraft lease rates and vendor contracts and employee pay cuts. Management and pilots are taking the biggest cuts, according to National.
National president and chief executive Michael Conway said: “The unwavering support of our loyal and growing customer base and our travel agent partners cannot be overemphasized.”
The financial package would seem to have saved National, which faced a potential shutdown after the Air Transportation Stabilisation Board rejected the airline’s request for a $55.5m federal loan guarantee.
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