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METRO AIRLINES UNABLE TO CLOSE TRANSACTIONS

 DALLAS, March 25 /PRNewswire/ -- In a press release issued yesterday, Metro Airlines, Inc. announced that it was unable to close certain transactions contemplated to take place 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. Those transactions include the issuance of stock and debt instruments to creditors and stockholders of Metro, and the payment of certain claims of creditors of Metro's wholly-owned subsidiary, Metroflight, Inc.
 The press release was misinterpreted by at least one news report as indicating that the sale to Simmons Airlines, Inc. had fallen through. That sale was completed on Dec. 22, 1992, and has not been affected by the company's inability to close the other transactions on March 22, 1993.
 -0- 03/25/93
 /CONTACT: Brian K. Miller of Metro Airlines, 214-453-4403.; or Larry Howell of Howell Communications, Inc., 214-340-9994, for Metro Airlines, Inc./


CO: Metro Airlines, Inc. ST: Texas IN: AIR SU:

AH -- NY055 -- 9604 03/25/93 12:55 EST
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Publication:PR Newswire
Date:Mar 25, 1993
Words:188
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