ATA requests approval of Ambassadair, Amber Travel sale procedures

By Caroline Salls

Pittsburgh, Sept. 6 - ATA Holdings Corp. requested court approval of the procedures and its choice of Waveland Holdings, LLC as stalking horse bidder for its possible sale of Ambassadair Travel Club, Inc. and Amber Travel, Inc., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Indiana.

The company has requested Waveland's letter of agreement detailing terms of the proposed sale be filed under seal with the court.

In its procedures motion, ATA requested approval of a $150,000 break-up fee to be paid by ATA to Waveland if it is not the high bidder.

If a topping bid is submitted for at least $50,000 more than Waveland's offer, an auction will be held on Sept. 28, with a sale hearing scheduled for Sept. 29.

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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