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December 4, 2009

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Vegas company settles with California airport

Tuesday, Oct. 15, 2002 | 11:10 a.m.

National Airlines will make weekly payments to San Francisco International Airport to repay a $580,000 debt for renting space and landing fees.

National attorneys, in a U.S. Bankruptcy Court hearing in Las Vegas today, said that in exchange, the airport would withdraw its objection to a $30 million debtor in possession loan that is part of a financing package to keep National flying.

San Francisco's objection threatened to derail National's plan to emerge from Chapter 11 bankruptcy protection. The airline will appear Oct. 20 before Bankruptcy Judge Linda Riegle to present a disclosure statement, which would lead to confirmation of its reorganization plan.

An attorney for Las Vegas' McCarran International Airport said it has its own agreement with National and won't try to block the agreement. National owes McCarran $6 million in rents and fees.

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