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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 11, 1998
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MIDWAY AIRLINES CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation)
000-23447 36-3915637
(Commission File Number) (IRS Employer Identification No.)
300 West Morgan Street, Suite 1200
Durham, North Carolina 27701
(Address of principal executive offices) (Zip Code)
(919) 956-4800
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS.
On September 3, 1998, Midway Airlines Corporation (the "Company")
exercised options to purchase seven (7) new Canadair Regional Jet Aircraft with
scheduled delivery dates in 1999. In a related flight equipment matter, the
Company suspended lease extension negotiations with the lessor regarding four
Fokker 100 aircraft leases expiring during the October 1998 through May 1999
timeframe.
In connection with the exercise of these options, the Company issued the
press release filed herewith as Exhibit 99.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS
99 Press release, dated September 4, 1998.
All other Items of this report are inapplicable.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MIDWAY AIRLINES CORPORATION
By: /s/ Jonathan S. Waller
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Dated: September 11, 1998 Jonathan S. Waller
Senior Vice President
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EXHIBIT 99
FOR IMMEDIATE RELEASE
MIDWAY AIRLINES ORDERS SEVEN NEW AIRCRAFT
RALEIGH-DURHAM, N.C. - September 4, 1998 - Midway Airlines Corporation
(Nasdaq: MDWY; www.MidwayAir.com) today announced that it has exercised an
option to acquire seven additional Canadair Regional Jets ("CRJs"). These seven
aircraft will join Midway's present fleet of six CRJs and seven others currently
on order. All twenty of the Canadair Regional Jets will be in service by
year-end 1999.
Mark Coleman, Senior Vice President Marketing, said, "The Canadair
Regional Jets will permit us to increase the frequency of our service in many of
our current markets and expand our service to a number of new destinations. Both
schedule improvements are designed to better serve our business customers."
Steven Westberg, Midway's Chief Financial Officer, noted that "to date,
the Regional Jet has permitted Midway to attain substantially higher profit
margins than were possible with Midway's Airbus and Fokker Aircraft."
As a result, Midway anticipates that in connection with this aircraft
order it will allow five aircraft to be returned to their Lessors as the
existing leases expire. In this connection, a Fokker F100 will be returned in
each of October and December of 1998 and March and April of 1999. Further, the
Company's sole Airbus A320 will be retired in June of 1999.
At year-end 1999, Midway's fleet is anticipated to consist of eight Fokker
F100s and twenty
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Canadair Regional Jets. When measured against the year-earlier period, Midway
anticipates that its total capacity for calendar year 1999 will increase by
approximately 8%.
Robert Ferguson, Midway's President, noted that "We believe the CRJ
additions to Midway's fleet and the retirement of a number of our larger
aircraft will permit us to: better serve our customers, through increased
frequency and added destinations; continue the Company's growth throughout 1999;
and, improve Midway's profitability."
Midway Airlines operates 110 daily non-stop flights between its hub at
Raleigh-Durham International Airport and 17 destinations including its newest
city - Indianapolis, Indiana. The Company operates one of the youngest all-jet
fleets in the industry with an average of three years.
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