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METRO AIRLINES MAKES ANNOUNCEMENT

 DALLAS, March 24 /PRNewswire/ -- Metro Airlines, Inc. announced today that it was unable to close the transactions contemplated to be closed on March 22, 1993 by the second amended and restated joint plan of reorganization of the company and its subsidiaries, confirmed by order of the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, on Dec. 11, 1992. The company's inability to close was due to losses from operations of its wholly-owned subsidiary, Metroflight, Inc. prior to the sale of Metroflight's operating assets to Simmons Airlines, Inc., an affiliate of American Airlines, Inc., and due to disputes regarding the release of certain proceeds escrowed in connection with such sale.
 The company intends to file modifications to its plan of reorganization which will change the timing of payments to Metroflight creditors and the treatment of creditors and interest holders of the company. The nature and extent of the modifications to be proposed has not been determined.
 -0- 3/24/93
 /CONTACT: Brian K. Miller of Metro Airlines, Inc., 214-453-4403, or Larry Howell of Howell Communications, Inc., 214-340-9994, for Metro Airlines, Inc./


CO: Metro Airlines ST: Texas IN: AIR SU:

LD -- NY077 -- 9314 03/24/93 19:26 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:201
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