Las Vegas-based National Airlines has ceased operations after failing to finalise a refinancing package, less than three months after its application for a US government loan guarantee was rejected. The airline says it was unable to complete a $112 million restructuring programme announced in September. The airline, which operated 18 Boeing 757-200s, criticised the Air Transportation Stabilization Board (ATSB) for rejecting its request for a $50.5 million federal loan guarantee. The ATSB said it was not confident that National, which has been operating under Chapter 11 bankruptcy protection since December 2000, would repay the loan. New York-based carrier JetBlue Airways, meanwhile, has reported a third-quarter profit of $12.2 million, up 21% on revenues that doubled over the same period last year. Denver-based Frontier Airlines' performance plummeted in the quarter, to a net loss of $4 million compared to a net profit of $7.3 million for the same period last year. Frontier has secured a $63 million government loan guarantee.
Source: Flight International
