Great Plains revises assets' value in bankruptcy

<br>TULSA, Okla. (AP) _ Great Plains Airlines provided a more detailed account of its finances Monday to the U.S. Bankruptcy Court and revised down the value of its assets by more than $20 million. <br><br>The

Monday, March 1st 2004, 12:00 am

By: News On 6

TULSA, Okla. (AP) _ Great Plains Airlines provided a more detailed account of its finances Monday to the U.S. Bankruptcy Court and revised down the value of its assets by more than $20 million.

The bankruptcy reorganization is providing the first glimpses into the finances of the privately held airline, which unlike publicly traded companies, is not required to open up its books for public inspection.

According to the court documents, the Tulsa-based carrier generated $6.4 million in revenue in 2003 and $492,957 in revenue this year before filing Chapter 11 bankruptcy Jan. 23.

Great Plains said Monday it now values its assets at $12.2 million, down from a Jan. 26 filing where it claimed $32.3 million in assets. The earlier figure was based on Sept. 30, 2003 data.

The downward revision comes from a dispute over the market value of its two Fairchild Dornier 328 jets and from marking the value of three receivables it says it is owed as unknown, according to the filings.

Chairman and chief executive David Johnson and bankruptcy attorney Sid Swinson did not immediately return phone calls seeking further comment Monday.

Great Plains, which launched in April 2001 with $27 million in state tax credits and loans backed by the City of Tulsa, valued the jets Monday at $10 million combined. The January filing did not itemize assets.

The jets are collateral for an outstanding loan from Union Planters Bank, the airline's largest creditor with a $19.6 million claim. Johnson has said the bank wants the jets returned.

The airline also said Monday it owes $763,021 to the Public Buildings Commission of St. Clair County, Ill., an amount secured by equipment and parts for maintaining three F328 propjets the airline had to return to the leasing agent.

St. Clair County lent Great Plains $1.35 million in August to lease the planes and serve MidAmerica St. Louis Airport east of St. Louis, Chicago Midway and Washington D.C. Dulles.

Great Plains suspended all scheduled service Jan. 23 after filing for bankruptcy and all charter service Feb. 22 after Bankruptcy Judge Dana Rasure ordered the three propjets returned.

Scheduled flights accounted for $320,637 of the airline's 2004 revenues while charter operations brought in $172,320, the company reported. Scheduled flights accounted for $6 million of the 2003 revenues.

Monday's filings contained no information on the airline's operating expenses.

Great Plains reported having $40,695 in 11 bank and credit card accounts, including just $1 in its payroll account at Spirit Bank in Tulsa. Its assets also included $56,567 owed by Oklahoma State University for transporting its basketball teams.