Corporate Giant Buys Regional Airline
June 18—Fieldcrest Industries announced yesterday its purchase of regional airline King Air, which was facing financial hardship and was about to file for bankruptcy. Vice President Angeline Swift, 1.------- support was essential to the acquisition, was pleased with the outcome of the negotiations.
“King Air has served the region for over five decades and we are proud to be a part of its continuation,” she said at a press conference. Fieldcrest Industries will be able to provide much-needed funding to expand the airline’s facilities and purchase more aircraft for King Air’s fleet. These changes will allow the scheduling of 2.------- flights.
The capital from Fieldcrest Industries, totaling over $300 million, will be 3.------- in four installments beginning on August 1st.
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