Tulsa mayor says no risk for city airport hangar complex
Friday, May 14th 2004, 4:34 AM CDT
(Tulsa-AP) -- Tulsa Mayor Bill LaFortune says the city's $75-million airport hangar complex is safe.
Thursday, Bank of Oklahoma took the complex off a list of collateral that secures a Great Plains Airlines loan.
Great Plains filed for bankruptcy in January. Tulsa had backed the airline's startup loan.
The city grew concerned this week when a federal report said the city might have to sell the hangar complex to repay the loan if Great Plains defaults. $7-million of the loan hasn't been repaid.
Few expect Great Plains to be able to repay the loan. The airline never turned a profit in nearly three years of flight.
LaFortune says it's impossible to say who will eventually pay off the loan or how it will be paid off.