Vegas company optimistic about loan guarantee

Tuesday, June 11, 2002 | 11:01 a.m.

An attorney for National Airlines said Monday he was optimistic that National's $60 million loan guarantee application will be approved by a federal board.

Craig Hansen, at a U.S. Bankruptcy Court hearing Monday, expressed optimism despite a report last week in which sources said National was likely to be rejected for the guarantee because of losses by the company.

Hansen said National, one of six airlines that have filed for a loan guarantee through the U.S. Air Transportation Stabilization Board, hopes to receive a decision by the end of the month after National has made revisions to its financial models and projections.

National, operating under Chapter 11 bankruptcy protection since December 2000, has a court-approved reorganization plan that would become effective pending approval of the loan guarantee.

"We're optimistic because National has not only been meeting but is exceeding its business plan," he said. "National's debt rating with respect to its loan is higher than (that of) America West." National rival America West Holdings Corp. is the only airline company that has filed and received a guarantee under the program.

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