National Airlines yesterday received a 30-day extension of its letter of credit with Harrah’s Entertainment by the bankruptcy judge overseeing the airlines Chapt. 11 reorganization.
The $16 million letter of credit allows National to receive cash from ticket sales, which it needs to continue operation.
National CEO Mike Conway told the bankruptcy court that the airlines in negotiating with at least two potential investors or purchasers. National will re-appear in bankruptcy court on Aug. 31 for another status meeting.