Press Release
December 7, 2000
LAS VEGAS, NV -- National Airlines Inc. (``National Airlines'' or the ``Company'') filed a voluntary petition for
reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for
the District of Nevada yesterday.
The bankruptcy filing was necessitated by the burden of escalating fuel prices. National Airlines is continuing
all normal business operations and will continue uninterrupted services to its customers.
``We want to assure our customers that we will continue to operate on a normal schedule without interruption, and
we are dedicated to serving our customers' needs today while we strengthen our ability to provide them with high-quality
service well into the future,'' said Michael J. Conway, president and CEO of the airline. ``Protecting customer
interests and providing them with exceptional customer service has been and remains one of our top priorities.''
National Airlines is taking steps to ensure it will continue to meet its obligations to its employees and essential
vendors. ``We are focused on structuring the balance sheet to allow National Airlines to become stronger and more
viable in the future,'' Conway said. ``We remain dedicated to our business and believe that our financial situation
is a short-term issue that can be successfully managed through the reorganization process.''
He added, ``We have carried more than 2 million passengers in less than 16 months of flying. We have been recognized
as one of the best airlines in the industry for customer service. We are operating with unit costs that are lower
than any other U.S. major airline. And we have the best employees, bar none. The fact of the matter is, the more
established airlines have deeper pockets that help them to withstand these kinds of fuel prices.
``Once we have completed the reorganization process, we expect National Airlines to emerge as a stronger company
with a sound financial structure that is appropriate not only for today's level of business activity, but also
for the future,'' the CEO stated. ``The decision to file for Chapter 11 protection was difficult, but necessary
in order to protect our ability to meet our obligations to our customers.''
The following is a brief history of National Airlines' major accomplishments:
April 12, 1995 Company founded
July 27, 1998 Completed private placement fundings of approximately
$50 million
Feb. 11, 1999 Company receives Certificate of Convenience and Public
Necessity from DOT
Feb. 12, 1999 Received delivery of first Boeing 757 aircraft
April 19, 1999 Company begins taking reservations
May 20, 1999 Company receives Air Carrier Operating Certificate from
FAA
May 27, 1999 Inauguration of service at Las Vegas, Los Angeles and
Chicago
June 14, 1999 Began new service at New York JFK
June 24, 1999 Began new service at San Francisco
Sept. 30, 1999 Began new service at Dallas/Ft. Worth
Nov. 4, 1999 Began new service at Philadelphia
Dec. 29, 1999 Opened National Airlines Vacations tour packaging
division
Jan. 27, 2000 Began new service at Miami
April 12, 2000 Carried 1 millionth passenger
July 13, 2000 Began new service at Newark
Sept. 15, 2000 Carried 2 millionth passenger
Oct. 26, 2000 Began new service at Washington, D.C.
National Airlines operates one of the industry's most modern, fuel-efficient, all-Boeing fleets of 757 jet aircraft.
Each aircraft is comfortably configured with 175 seats, including 22 in first class. The carrier currently serves
Chicago Midway, Dallas/Ft. Worth, Los Angeles, Miami, Newark, New York JFK, Philadelphia, San Francisco and Washington,
D.C., with nonstop flights to and from its Las Vegas hub.
National Airlines will begin new service at Chicago O'Hare on Jan. 25, 2001, with nonstop service to and from Las
Vegas. Reservations can be made by calling a travel agent, National Airlines at 888/757-JETS (5387), or through
the company's Web site at www.nationalairlines.com. Custom air-and-hotel
packages to Las Vegas are available through National Airlines Vacations at 888/LAS-TOUR (527-8687) or by calling
a travel agent.
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Contact:
National Airlines Inc., Las Vegas
Dik Shimizu, 702/944-2777