ATA granted extensions on Ambassadair, Amber Travel sale

By Caroline Salls

Pittsburgh, Nov. 14 - ATA Holdings Corp. obtained several extensions in connection with its proposed sale of Ambassadair Travel Club, Inc. and Amber Travel, Inc., according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Indiana.

The date by which the purchase agreement must be executed was extended to Nov. 11 from Nov. 4; the deadline for competing bids to 4 p.m. ET on Nov. 16 from Nov. 8 and the sale hearing and auction to Nov. 17 from Nov. 9.

ATA requested the extensions to allow additional time for the company and stalking horse bidder Grueninger Cruises and Tours, Inc. to negotiate and execute the asset purchase agreement.

According to the motion, the process has been delayed by unavoidable absences of ATA personnel who are most familiar with pertinent Ambassadair operations and by other commitments of Grueninger's counsel during the week of Nov. 1.

ATA Holdings Corp., ATA Airlines' parent, filed for bankruptcy on Oct. 26, 2004. The Dulles, Va.-based company's Chapter 11 case number is 04-19866.

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