Braniff Unable to Raise $3 Million: Braniff...
From Times Staff and Wire Reports
Braniff Unable to Raise $3 Million: Braniff Airlines said it would not be able to come up with $3 million by a midnight court deadline to pay for leasing five aircraft that have already been delivered as part of a $500 million deal. The airline said lawyers for GPA and Braniff were working to extend the court-imposed deadline. The previously arranged deal for Braniff to take delivery of 26 Airbus A320s had been cancelled by GPS Group Ltd., an aircraft leasing concern, after the Orlando, Fla.-based carrier filed its Chapter 11 petition. However, Judge C. Timothy Corcoran ruled Saturday that the cancellation was improper and gave Braniff until midnight Monday to come up with the $3 million.
