Freddie Laker Is Back in the Charter Air Business: Sir Freddie, who pioneered cut-rate, no-frills transatlantic flights, says he's back in business with a new charter airline that will carry passengers between U.S. cities and the Bahamas. The government of the Bahamas has approved a new Laker Airways (Bahamas) Ltd., which won a $16-million air contract from Princess Casinos Inc., Laker said in a statement. Laker's former venture, Laker Airways, went bankrupt in 1982 after 16 years in business. Using two Boeing 727s, Laker will operate five weekly flights from Orlando, Fla., to the Bahamas. The new service is subject to U.S. Department of Transportation approval. But it is scheduled to begin operating in May, Laker said.