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Wed, Apr 16, 2003

From Chapter 11 to Chapter 7: National's 'Done'

On Monday, a federal judge approved conversion of National Airlines' bankruptcy status from Chapter 11 protection, to Chapter 7 -- liquidation.

Once the fifth-busiest airline flying out of Las Vegas, and later, until last November 6, National had flown its last two leased 757s between Philadelphia and Las Vegas. On that date, it was forever grounded.

National operated outside of bankruptcy just over one year, in its three and a half-year existence; until Monday, it was a Debtor in Possession, trying to figure a way out.

Intensive collection efforts on behalf of National will continue; the airline's accounts receivable, reportedly worth millions on paper, will be all the airline's creditors will get, except for a small amount (perhaps over $300,000) that the sale of the office furnishings and increasingly-obsolete computers will bring.

Tom Grimmett, trustee, said of the imminent Chapter 7 proceedings: "We're done. We're over."

FMI: www.nationalairlines.com

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