ATA granted final approval for Ambassadair Travel Club sale

By Caroline Salls

Pittsburgh, Nov. 17 - ATA Holdings Corp. received final approval Thursday from the U.S. Bankruptcy Court for the Southern District of Indiana for the sale of Ambassadair Travel Club's assets to Grueninger Cruises and Tours, Inc., according to a company news release.

As a part of its restructuring, ATA Holdings Corp. has been exiting its non-core businesses to focus on its scheduled and charter passenger operations.

Under the terms of the asset purchase agreement, Grueninger Tours will acquire Ambassadair's assets and intends to offer benefits and travel opportunities to current and former members of Ambassadair.

Grueninger Tours will also assume management responsibilities for scheduled trips between now and March 31, 2006.

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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