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Midwest Air receives $60 million in capital

Fri Sep 5, 2008 3:33pm EDT

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CHICAGO, Sept 5 (Reuters) - Midwest Airlines, a unit of Midwest Air Group, has received $60 million in additional financing, including commitments from TPG Capital and Republic Airways Holdings, as it gropes for stability amid high fuel prices.

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Midwest said on Wednesday it also has reached an agreement in principle with Boeing Capital Corporation on renegotiated leases for its Boeing Co (BA.N) 717s.

Milwaukee-based Midwest Air Group was taken private this year by an affiliate of TPG Group after a bitter takeover dispute with AirTran Holdings Inc (AAI.N), hopes to stay off the growing list of smaller airlines to either close or file for bankruptcy protection.

The list includes ATA Airlines, which closed in April and Frontier Airlines Holdings Inc FRNTQ.PK, which entered Chapter 11 in April.

Midwest said in July it would cut its work force by 1,200 employees, or 40 percent.

The airline industry has been battered severely by soaring fuel prices this year and many top carriers have responded with sweeping capacity cuts.

Midwest flies to the East and West Coasts and to destinations in between from Milwaukee and Kansas City. (Reporting by Kyle Peterson; Editing by Andre Grenon)

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