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July 30, 2002
po-3294
ATSB Decision On Vanguard Airlines
The Air Transportation Stabilization Board (ATSB) announced today that it has denied the application of Vanguard Airlines, Inc. for a Federal guarantee of a $8 million financing pursuant to the Air Transportation Safety and System Stabilization Act (Act) and implementing regulations promulgated by the Office of Management and Budget (OMB). The Board concluded its review based on the standards set out in the Act and the OMB regulations and determined that Vanguard's application did not meet the applicable standards. The Board determined that Vanguard's proposal did not provide a reasonable assurance that Vanguard will be able to repay the loan, one of the factors that the Board is required to consider under the OMB regulations.
Additional information about the ATSB is available on its web site, www.treas.gov/atsb.
REPORTS