Sunworld Airlines of Las Vegas has filed...

Sunworld Airlines of Las Vegas has filed for Chapter 11 bankruptcy protection. The airline, which has cut back to only one regularly scheduled flight, listed liabilities of more than $11.9 million and assets of $9.9 million in filing for reorganization in U.S. Bankruptcy Court. Sunworld stopped most of its regularly scheduled service in January, but continues to operate one flight between Las Vegas and Oklahoma City. The airline laid off most of its employees when it cut back service. Sunworld was founded in 1983 and company officials said it was profitable until early 1986 when competition caused a downturn in the firm’s fortunes.