Archive for Saturday, October 5, 2002

Vanguard says it has another offer for assets

October 5, 2002

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— 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.

Scott Dickson, the airline's chairman and CEO, said Thursday that there was a new offer but declined to say who it was from.

Dickson also said there still might be another new offer coming, but wouldn't comment further, saying more information probably won't be available until the latter part of next week.

He said the company has to convene its board and work through the bankruptcy court and the creditors' committee in its Chapter 11 case.

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.

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