Air Transport World

Air Virginia sale completed.

Air Virginia ownership passed quietly into new hands near the first of October, with the new owner transforming the regional carrier into an "instantly profitable operation," according to Curtis Coward, who remains as president of the once-troubled airline.

Although the employes don't yet share ownership, Dimitri P. Nicholas, the new owner, pledges to remember the staff loyalty and sacrifice that carried Air Virginia through its financial crisis (ATW, 10/84).

Coward said, "The June 30 paychecks have been issued, former pay levels restored. Employes will probably receive what is a substantial amount of the company's equity under a stock ownership plan (Nicholas) is developing. …

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