Air Transport World

GREAT LAKES MAY LOSE LISTING

Despite its growth at Denver and a line of credit from regional aircraft manufacturer Raytheon, Great Lakes Aviation's troubles continue. The Nasdaq exchange has said again that the United Express carrier is riot in compliance with the listing requirements, which call for a $4 million minimum in net tangible assets.

Following a meeting in May, Nasdaq rejected Great Lakes' argument that the value of the airline's Chicago O'Hare slots should be considered net tangible assets, as generally accepted accounting procedures prohibit airlines from listing slots on their balance sheets. Great Lakes filed an appeal with Nasdaq and a hearing was held on June 25, at which the airline reasserted its position. …

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