ATA's Chicago Express Sale Approved

April 4, 2005

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ATA Holdings, parent of bankrupt ATA Airlines, won approval from a federal bankruptcy judge on Monday to sell its regional carrier, Chicago Express, to Okun Express.

ATA, in bankruptcy since October, said last week that it had selected Okun as the highest and best bidder for Chicago Express.

A total of six parties participated in the Chicago Express auction, which concluded on Thursday. Exact terms of the sale were undisclosed, but a lawyer for ATA said the total sale price would be between USD$5.44 million and USD$6.44 million.

ATA suspended Chicago Express operations last week, but retained its management and flight certificate. At the time, Chicago Express had about 450 employees.

(Reuters)