FLYi Hopes to Raise Funds Through Auction

Law360 (February 27, 2006, 12:00 AM EST) -- FLYi, Inc., the parent of former low-fare Independence Air, plans to collect between $8.6 million and $11.1 million when it auctions off its remaining equipment.

The Dulles, Va.-based airline, which filed for voluntary Chapter 11 bankruptcy last year, requested the bankruptcy court allow it to auction its leftover parts, ground-support equipment, and office and computer equipment, according to court papers filed Saturday.

The company plans to sell its assets to the highest bidder. It added that it would also auction more significant assets to help pay...
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