National Airlines Inc

Billionaire financier Carl Icahn withdrew a bid to buy bankrupt National Airlines Inc. after the struggling carrier's board rejected the offer last week, Icahn's lawyer said. Icahn, the former chairman of Trans World Airlines Inc., offered $22.5 million in cash, $43 million owed passengers for unused tickets and $100 million in operating funds as part of his bid for the Las Vegas-based carrier, said Edward Weisfelner, a New York bankruptcy attorney representing Icahn.

Attorneys for National Airlines have detailed a $112-million debt-for-equity finance plan in U.S. Bankruptcy Court that is expected to help the Las Vegas airline emerge from bankruptcy in late October. The financing is subject to documentation that will be filed with the court this week, as well as refinement of agreements with creditors, primarily aircraft lessors.

A new airline received federal approval Friday to enter the hotly contested Los Angeles-Los Vegas market. National Airlines Inc. said it will begin booking reservations Monday on the route that is dominated by Southwest Airlines.

Aircraft lessor International Lease Finance Corp. and an unidentified investor are offering to buy National Airlines Inc., the bankrupt carrier said. National told U.S. Bankruptcy Judge Linda B. Riegle in Las Vegas that International Lease Finance disclosed its intention to bid for the airline in a letter received this week. The proposal comes less than a week after billionaire financier Carl Icahn's High River withdrew a $181.5-million offer, which had been rejected by the airline.

Attorneys for National Airlines have detailed a $112-million debt-for-equity finance plan in U.S. Bankruptcy Court that is expected to help the Las Vegas airline emerge from bankruptcy in late October. The financing is subject to documentation that will be filed with the court this week, as well as refinement of agreements with creditors, primarily aircraft lessors.

Harrah's Entertainment Inc., the No. 3 casino company, said its fourth-quarter profit topped analyst estimates as its casinos in the Midwest and the Eastern U.S. attracted gamblers reluctant to fly to Las Vegas. Las Vegas-based Harrah's said it earned 44 cents to 48 cents a share in the fourth quarter, above the 35-cent average estimate of analysts polled by Thomson Financial/First Call. A year ago the company lost $1.

A new air carrier is scheduled to wade into the hotly contested travel market today between Los Angeles and Las Vegas, a route already dominated by Southwest Airlines. With its inaugural L.A.-bound flight set for 8:30 a.m., Las Vegas-based National Airlines Inc. begins offering four daily flights between Los Angeles International Airport and McCarren International Airport, carrier spokesman Dik Shimizu said. Two additional daily flights are scheduled to start service in June.

United Airlines, the nation's second-largest carrier, said Wednesday that it would file for bankruptcy reorganization this fall if its unions, suppliers and creditors failed to make deeper concessions in the next 30 days to stem the company's cash drain. United said it needs the cuts to secure a $1.8-billion federal loan guarantee and ensure its long-term survival, and its statement clearly was aimed at putting pressure on labor and the others to quickly agree to terms. But it won't be easy: Employees own 55% of United, and its pilots' and mechanics' unions have powerful board seats that give labor veto power over major corporate decisions, such as filing for bankruptcy protection.

A new airline received federal approval Friday to enter the hotly contested Los Angeles-Los Vegas market. National Airlines Inc. said it will begin booking reservations Monday on the route that is dominated by Southwest Airlines.