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Rural airline shuts down

Wednesday, Feb. 28, 2001 | 11:17 a.m.

THE ASSOCIATED PRESS

DES MOINES, Iowa -- AccessAir has shut down, just two weeks before it was to present a reorganization plan to keep the regional airline flying.

"I am deeply disappointed that our vision for affordable air service for central Iowa will not be realized," said John Ruan III, AccessAir's principal backer, Tuesday.

Ruan said AccessAir, which previously withdrew its reorganization plan filed under Chapter 11 in the U.S. Bankruptcy Court, apparently will proceed to a Chapter 7 liquidation.

The airline cited unanticipated administrative constraints and financial burdens stemming from the former AccessAir and the subsequent lack of funding from public and private sectors as contributing factors in the decision to shut down.

The airline said poor weather and a slowing economy contributed to its problems.

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