=20 ---------------------------------------------------------------------- This article was sent to you by someone who found it on SF Gate. The original article can be found on SFGate.com here: http://www.sfgate.com/cgi-bin/article.cgi?file=3D/news/archive/2002/10/04/f= inancial1006EDT0039.DTL ---------------------------------------------------------------------- Friday, October 4, 2002 (AP) Discount airline says it has another offer for assets (10-04) 07:06 PDT KANSAS CITY, Mo. (AP) -- Vanguard Airlines, the discount carrier that rejected a bid from a group headed by the chairman of the Hooters restaurant chain to buy it out of bankruptcy, says it has another offer from an unidentified bidder. Scott Dickson, the airline's chairman and CEO, said Thursday that there was a new offer but declined to say who it was from or to give any details abouty it. Dickson also said there might be still another new offer coming, but wouldn't comment further. He said the company has to convene its board and work through the bankruptcy court and the creditors' committee in its Chapter 11 case, but added, "things are looking up, definitely." A buyout proposal from the group headed by Robert H. Brooks, chairman of Hooters of America Inc., was turned down last week, with Vanguard describing it as inadequate. Terms of that offer were never disclosed publicly. Vanguard earlier had set Thursday as the deadline for other proposals to buy its assets. The carrier has let go its leases at Kansas City International Airport and has just one remaining leased plane. By retaining that single plane Vanguard is able to keep its operating certificate, which is its key asset. After years of losses, Vanguard shut down and filed for Chapter 11 bankruptcy protection on July 31, laying off more than 1,000 employees and stranding about 6,500 customers. For several weeks Brooks provided more than $350,000 to allow Vanguard to maintain a skeleton staff while he evaluated a possible acquisition. But last week Vanguard's board and the creditors committee deemed the bid insufficient. Vanguard has only six remaining employees, and it is proceeding with pla= ns to liquidate surplus equipment valued at more than $4 million. =20 ---------------------------------------------------------------------- Copyright 2002 AP