ATA Airlines Wants to Sell Chicago Express

ATA Airlines (ATAHQ.PK Quote) is putting its Chicago Express regional service up for sale.

In a news release, ATA said it had hired Compass Advisors to manage the sale, which includes Chicago Express' federal operating certificates.

"Among the more valuable parts of this regional airline are the operating certificates which ... would enable a buyer to begin air service more quickly than if a buyer was starting from scratch," said Sean Frick, ATA's chief restructuring officer. "A stand alone application for a new certificate could take up to two years before approval by the federal government. We believe there is substantial value for a buyer to begin air transportation service with this existing operation." ...