ATA granted court approval of $1.34 million sale of two slots at Reagan National

By Jennifer Lanning Drey

Portland, Ore., Jan. 29 - ATA Airlines, Inc. obtained court approval to sell its two slots at Ronald Reagan Washington National Airport to AirTran Airways, Inc. for $1.34 million, according to a source familiar with the case.

The approval came Wednesday from the U.S. Bankruptcy Court for the Southern District of Indiana.

Under the agreement, the purchase price will be paid in 17 monthly installments of $20,000 each, with a balloon payment of $1 million due on June 30, 2010.

AirTran currently leases the two slots from ATA.

The Washington, D.C., airport slots are excluded from the purchase agreement under which Southwest Airlines Co. agreed to purchase the company's business.

ATA, an Indianapolis-based airline, filed for bankruptcy on April 2, 2008. Its Chapter 11 case number is 08-03675.

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