Midwest Express Enters Sale/Leaseback of HQ

MILWAUKEE, WI - September 30, 2003 - PRNewswire-FirstCall

Midwest Express Holdings, Inc. (NYSE: MEH) today said it has reached a tentative agreement to complete a sale/leaseback of its Oak Creek, Wisconsin headquarters facility. The transaction, which is expected to close in mid-October, would provide the company with net proceeds of approximately $9.5 million after payment of the existing mortgage and transaction expenses.

The sale/leaseback transaction, combined with the sale of convertible senior secured notes and common stock also announced today, would provide the airline holding company with approximately $40 million in new liquidity. These are the final major components of the company's restructuring plan -- which included changes to its product offering; new agreements with its unions and aircraft lessors and lenders; route and schedule changes; and other cost-reduction efforts. Midwest Airlines features nonstop jet service to major destinations throughout the United States. Sphere: Related Content