<PAGE>
Exhibit 99
[MIDWAY AIRLINES LOGO APPEARS HERE]
FOR IMMEDIATE RELEASE Media Contact:
Robert R. Ferguson III
President & CEO
(919) 595-6003
Midway Airlines Raises
$34 Million from Rights Offering
RALEIGH-DURHAM, N.C. - August 2, 2000 - Midway Airlines Corporation (the
"Company") (NASDAQ: MDWY) announced today that the period during which
shareholders of record as of June 15, 2000 could exercise rights to purchase
shares of common stock in the Company at $5.20 per common share expired on July
26, 2000. As a result of the exercise of such rights, the Company announced
that it intends to issue 6,561,163 shares of common stock in the Company,
raising the number of issued and outstanding shares of common stock in the
Company to 15,174,755. The Company raised approximately $34 million from
shareholders exercising their rights to purchase stock, prior to the payment of
expenses related to the offering.
As a full-service carrier, Midway Airlines and its commuter partner operate
244 daily non-stop flights between their hub at Raleigh-Durham International
Airport and 26 destinations in 15 states.
- MORE -
<PAGE>
The comments made in this release regarding future events are "forward-
looking statements." Such statements involve risks and uncertainties that could
cause actual events or results to differ from those contained in the forward-
looking statements. A discussion of such risks and uncertainties is provided in
the Company's 1999 report on form 10K.
- END -
<PAGE>
SIGNATURES
-------------------------
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
---------------------------------------
Dated: August 2, 2000 Jonathan S. Waller
Senior Vice President
