INDIANAPOLIS, March 31 /PRNewswire/ -- ATA Holdings Corp. (ATAHQ), parent company of Chicago Express Airlines, Inc., today announced that Indianapolis- based Okun Enterprises, Inc. was selected as the highest and best bidder at the auction authorized by the U.S. Bankruptcy Court to sell the assets of Chicago Express. Okun Enterprises, a real estate investment and management firm, is controlled by Edward H. Okun. Okun's bid was for substantially all the assets of Chicago Express including the operating certificate, spare parts and inventory. In addition, Okun has agreed to purchase two SAAB 340B aircraft owned by ATA Airlines, Inc.
The bid is subject to U.S. Bankruptcy Court approval at a hearing originally scheduled for April 1 in New Albany, but has been rescheduled for April 4, 2005 at 1:30 p.m. Indiana Time in Indianapolis. In addition the bid is subject to assurances from the Federal Aviation Administration and Department of Transportation. Additional details concerning the sale will be disclosed at the hearing. A total of six parties participated in the Chicago Express auction.
I pulled into Houston North Ramp today to park and saw N303CE in Continental Connection colors. It was a very weird feeling. I sincerely wish the best for everyone at Chicago Express.
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