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Loan guarantee conditionally approved

Friday, Sept. 27, 2002 | 9:58 a.m.

WASHINGTON -- A federal panel on Thursday conditionally approved a $148.5 million loan guarantee for Indianapolis-based American Trans Air Inc.

The Air Transportation and Stabilization Board unanimously agreed to provide federal backing on a loan of $165 million subject to certain conditions. The airline must, among other things, pay the board additional fees and stock warrants, details of which were not disclosed.

The board was established by Congress last year to oversee a $10 billion loan program, part of an industry bailout that was engineered after the terrorist attacks that took place on Sept. 11, 2001.

The airline provides service to 40 destinations.

The board, in providing conditional approval for the loan guarantee, said the airline had "demonstrated a reasonable assurance that it will be able to repay the loan according to its terms."

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