People Express airlines has signed a purchase agreement to buy an unnamed charter airline and that a $500,000 refundable loan that was used to help finance the purchase was returned to taxpayers. The purchase will help People Express start up commercial flights again this year.
The Regional Air Service Enhancement Committee, or RAISE, granted the $500,000 short-term loan, intended as a way to bolster the financial case to make the purchase, and was set to be refunded to the RAISE committee once the purchase went through.
People Express first announced their plans to re-launch in February 2012. On March 1, the RAISE committee granted a four-and-a-half month extension on the loan to give People Express more time to execute the purchase of the charter airline.
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