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Article: Las Vegas-Based Airline Aims for Deal with Billionaire Financier.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- June 1, 2001
CopyrightCOPYRIGHT 2001 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Hubble Smith, Las Vegas Review-Journal Knight Ridder/Tribune Business News
Jun. 1--Harrah's Entertainment Inc. was asked Thursday to "remove the hammer" hanging over the head of bankrupt National Airlines to allow the company to complete a deal with billionaire financier Carl Icahn.
In a hearing in U.S. Bankruptcy Court, lawyers for Las Vegas-based National Airlines and many of its creditors argued for an extension of Harrah's $16 million letter of credit with U.S. Bank that would allow National to sustain operations until an agreement with Icahn is reached.
The letter of credit allows National to receive payment on credit card purchases ...