Midwest announces $60M capital investment

Midwest Airlines may be able to avoid filing for Chapter 11 bankruptcy, thanks to a $60 million investment package announced Wednesday. As part of the deal, Republic Airways will loan $15 million to Midwest for one year, with another $10 million to follow if financial goals are met. In exchange, Midwest will lease a dozen Embraer 170 jets from Republic and allow Republic to operate and service the aircraft, resulting in about 270 layoffs at Midwest. TPG Capital and Northwest Airlines Corp., which purchased Midwest in January, also have agreed to provide $35 million in financing.

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