BradG
Poor Flight Instructor
- Joined
- Feb 12, 2002
- Posts
- 142
Hooters Air goes no where
Bankrupt Vanguard rejects buyout offer from group led by restaurant investor.
September 26, 2002: 6:24 AM EDT
KANSAS CITY, Mo. (AP) - Hooters Air failed to get off the ground.
Bankrupt Vanguard Airlines rejected late Wednesday a buyout offer for some of its assets from a group of investors headed by Robert H. Brooks, chairman of the Hooters chain of restaurants known for their curvaceous waitresses.
Brooks had proposed to establish a new airline called Hooters Air.
During a hearing in U.S. Bankruptcy Court, Vanguard attorney Daniel Flanigan called the offer inadequate but did not disclose the terms.
Vanguard set an Oct. 3 deadline for investors, including Hooters Air, to come up with another offer.
Vanguard filed for Chapter 11 bankruptcy and abruptly stopped operating in July, laying off more than 1,000 workers.
According to court records, the discount airline's assets are worth about $4.6 million. No one representing Hooters Air was in court Wednesday. The group has not released details of its plan.
Also in court Wednesday, Judge Jerry W. Venters approved requests that would move Vanguard toward liquidation, though Flanigan said the company would continue to seek other offers.
Venters approved motions allowing Vanguard to sell some assets, begin sending back some planes to companies that leased them and give up its lease on gates at Kansas City International Airport.
Vanguard plans to continue to lease at least one plane so it can maintain its operating license, which many analysts have said is the main asset any potential buyer would want.
David A. Rescino, Vanguard's chief financial officer, said he would be surprised if a potential investor came forward with another offer for the airline, but added, ``I'm always hopeful.''
Bankrupt Vanguard rejects buyout offer from group led by restaurant investor.
September 26, 2002: 6:24 AM EDT
KANSAS CITY, Mo. (AP) - Hooters Air failed to get off the ground.
Bankrupt Vanguard Airlines rejected late Wednesday a buyout offer for some of its assets from a group of investors headed by Robert H. Brooks, chairman of the Hooters chain of restaurants known for their curvaceous waitresses.
Brooks had proposed to establish a new airline called Hooters Air.
During a hearing in U.S. Bankruptcy Court, Vanguard attorney Daniel Flanigan called the offer inadequate but did not disclose the terms.
Vanguard set an Oct. 3 deadline for investors, including Hooters Air, to come up with another offer.
Vanguard filed for Chapter 11 bankruptcy and abruptly stopped operating in July, laying off more than 1,000 workers.
According to court records, the discount airline's assets are worth about $4.6 million. No one representing Hooters Air was in court Wednesday. The group has not released details of its plan.
Also in court Wednesday, Judge Jerry W. Venters approved requests that would move Vanguard toward liquidation, though Flanigan said the company would continue to seek other offers.
Venters approved motions allowing Vanguard to sell some assets, begin sending back some planes to companies that leased them and give up its lease on gates at Kansas City International Airport.
Vanguard plans to continue to lease at least one plane so it can maintain its operating license, which many analysts have said is the main asset any potential buyer would want.
David A. Rescino, Vanguard's chief financial officer, said he would be surprised if a potential investor came forward with another offer for the airline, but added, ``I'm always hopeful.''
