Vanguard Airlines has suspended scheduled service, saying it will file for bankruptcy protection. The US Air Transportation Stabilization Board had three times rejected pleas for loan financing by Kansas City-based Vanguard, saying that the carrier did not "provide reasonable assurance" that it could repay the loan. Since starting up in December 1994, Vanguard, which operates six Boeing 737s and seven MD-80s, accumulated $133 million in losses and never posted an annual profit.
Source: Airline Business
