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Bankrupt LV airline files reorganization plan

Monday, Nov. 12, 2001 | 10:05 a.m.

National Airlines Inc. of Las Vegas said it filed its Plan of Reorganization and Disclosure Statement with the U.S. Bankruptcy Court in Las Vegas Friday, outlining the company's plan to emerge from Chapter 11 reorganization but not identifying the potential investors in the company.

The plan, which could be confirmed next month, contemplates a "significant" capital infusion from investors and federally guaranteed loans that National can apply for under airline industry bailout legislation.

National expects to incur approximately $30 million in losses directly attributed to the terrorist strikes, which it said would be partially offset by approximately $22 million in federal grants. National has received $11 million in grants and expects to receive an additional $11 million in two payments in November and January.

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