Great Plains Airlines buys time with potential certificate sale

TULSA, Okla. (AP) -- A federal official says a bankrupt Tulsa airline has bought more time to reorganize because it's negotiating to sell its federal flight certificate.<br/><br/>Tulsa-based Great

Thursday, October 7th 2004, 5:16 pm

By: News On 6

TULSA, Okla. (AP) -- A federal official says a bankrupt Tulsa airline has bought more time to reorganize because it's negotiating to sell its federal flight certificate.

Tulsa-based Great Plains Airlines says it's talking with potential buyers of its certificate and other assets.

An attorney for the U-S trustee overseeing Great Plains says the trustee will now wait before asking a judge to liquidate the airline's assets.

Flight certificates are specific to each airline and not transferable, but analysts say they are often sold during bankruptcies. The analysts say new airline owners who buy a certificate can skip some of the red-tape required to apply for one from scratch.

Great Plains filed for bankruptcy in January after nearly three years of operating without a profit. All five of its aircraft have been repossessed by creditors and its flights are canceled.