Southwest Secures Deal To Buy Slots From ATA

Law360, New York (December 3, 2008, 12:00 AM EST) -- A bankruptcy judge has approved a bid by Southwest Airlines Co. to acquire assets of bankrupt ATA Airlines Inc., including the key purchase of 14 takeoff and landing slots at New York’s LaGuardia Airport.

Judge Basil H. Lorch of the U.S. Bankruptcy Court for the Southern District of Indiana signed the order Tuesday, agreeing with ATA that Southwest had submitted the highest and best offer. Southwest Airlines has agreed to fork over $7.5 million for the assets, including the so-called slots.

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