LOS ANGELES, Jan 30 (Reuters) - Bankrupt discount carrier National Airlines has had its reorganization plan approved in court, and is now operating at a profit with an eventual target of going public, a company spokesman said on Wednesday. National, which has operated in Chapter 11 bankruptcy since December 2000, had its reorganization plan approved by a Las Vegas bankruptcy judge on Tuesday, with a final confirmation hearing set for Feb. 14, said spokesman Dik Shimizu. The new plan includes renegotiated leases with the owners of all 15 planes in National's fleet, he said. Under terms of the reorganization, the leasing companies and aircraft maintenance provider BF Goodrich have agreed to take an equity stake in Las Vegas-based National, tentatively set at 85 percent of the company. The remaining 15 percent would go to National's unsecured creditors, Shimizu said. Casino giant Harrah's Entertainment Inc. (HET), which helped found National and previously owned 48 percent of the company, abandoned its stake when it wrote off $39.4 million of its investment in the fourth quarter of 2000, said Harrah's spokesman Gary Thompson. Shimizu said the 85-15 equity stakes are still subject to adjustment, based on future considerations such as employee stock programs and stakes for additional investors. To finance its operations, National has also arranged for up to $70 million in loans from Foothill Capital, a subsidiary of Wells Fargo and Co. (WFC), Shimizu said. National plans to ask the federal government to guarantee part of the loan as part of the government's recent program to help the nation's struggling airlines. The remainder would be guaranteed by "other parties," though Shimizu declined to identify who those parties might be. "That is the financing," he said. "There also in all likelihood will be other cash infusions from private entities as well." Shimizu said the financing, combined with new, more favorable aircraft lease terms and lower fuel prices should make National a viable concern going forward. "If you take the numbers that we filed with the bankruptcy court (in December 2000) at face value, it shows we're losing money," he said. "But if you put in the current aircraft leases and assume fuel costs at where they are today and take out the reorganization fees, the bottom line is we're making money every month." If, indeed, the company -- which flies to eight cities from its Las Vegas hub -- can produce profits on a consistent basis, the next step could be an initial public offering in the next five years, Shimizu said. "That is ultimately where we would like to go," he said.