Airline Files for Bankruptcy

Northeastern International Airways, citing heavy pressure from creditors, asked for protection in federal bankruptcy court today, but stayed in the air with three aircraft flying to seven cities.

The airline shut down most of its flights, however, and closed reservation lines, leaving hundreds of angry passengers stranded at Fort Lauderdale International Airport. Northeastern’s Chapter 11 petition listed assets of about $28 million and liabilities of $48 million.