National Airlines details plan to emerge from bankruptcy The Associated Press 9/7/02 7:14 PM LAS VEGAS (AP) -- Attorneys for National Airlines have detailed a $112 million finance plan expected to help the airline emerge from bankruptcy in late October. The plan was reviewed during a hearing Friday in U.S. Bankruptcy Court. The next hearing is scheduled for Thursday. The financing is subject to documentation that will be filed with the court early next week, as well as clarification of agreements with creditors. Craig Hansen, lead attorney for National, said $57.3 million of the finance package came from additional conversion of debt and administrative claims to equity, $24.3 million from reduction of employee wages, $18.4 million from new cash equity and $11.4 million from a letter of credit. A key element was concessions by National's nine aircraft lessors and major vendors that will save about $50 million a year, Hansen said. National Airlines, marketed as a hometown airline that could bring more tourists to Las Vegas, began service in 1999 and has carried about 7 million passengers since then. National flies to Chicago Midway and Chicago O'Hare, Dallas/Fort Worth, Los Angeles, Miami, Newark, N.J., New York's Kennedy Airport, Philadelphia, Seattle, San Francisco and Washington, D.C. ------ On the Net: http://www.nationalairlines.com Copyright 2002 Associated Press. All rights reserved. Roger EWROPS