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D-Day for National

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mach none

wishin I was on a boat
Jan 5, 2002
National Airlines' Time Running Out
Tiffani Sargent reporting
Last Updated: Aug. 27, 2002

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It's come up with the cash, or shut down bottom line. This as a US Bankruptcy Court judge tells National Airlines it has until next Friday to stay airborne. Attorney's for National Airlines say on a scale from 1 to 10, they're at an "8" and they say they have to reach ten, before they're confident enough to reassure passengers, employees and creditors, that they can get out of the red.
Employees linger outside the George federal building, after hearing their employer has just over a week to come up with 30-million dollars or they could lose their jobs for good. You may recall National Airlines started up in 1999, a year later it filed for chapter eleven and has been under that cloud ever since. Then, just last week, the company was denied federal funding to protect it from being grounded by creditors.

Still, there is one final option, company attorney, Craig Hansen, shown here wearing the glasses, says they are close to getting the money they need from Financial Capitol, a subsidiary of Wells Fargo. And with dozens of key players standing to lose big money, it will take a bit of faith to re-invest in a company already deep in a cloud of debt.

And what about passengers? What do they think? “I hope they get their business straight so everyone can just fly and be happy that's all I can say,” says Roger Blackwell. But, are they confident enough to buy a ticket a few months in advance? “I would have to think about it, just because I wouldn't want to be stuck in an airport someplace and not be able to get home,” says Shirley Patrick.

And that's the last thing national airlines wants to do, is disappoint the flying public, or its 1,500 employees. So, now the wait is on, to see if the financing comes through to eliminate its financial baggage. So, now it's ten days and counting for National Airlines. The next hearing is set for one-thirty Friday September 6th in US Bankruptcy Court.

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