NATIONAL CLOSE TO SECURING FINANCING

October 31, 2001 10:20 PM
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National Airlines this week told a bankruptcy judge that it is "well down the road" to securing financing that will help it reorganize and emerge from bankruptcy.

National attorneys did not name the lenders, but said they would provide a roster of "key constituents" at the next hearing on Nov. 9.

In other reorganization efforts, National reported it has revised leases with all but one of eight companies that provide its fleet of 757 jets; has renegotiated terms of its agreement with it fuel provider so the cost is about half what it was a year ago; and received an extension of a letter of credit from Harrah's Entertainment.