National Airlines Comps - Billionaire financier Carl Icahn is in talks with Las Vegas-based National Airlines

Billionaire financier Carl Icahn is in talks with Las Vegas-based National Airlines to help bail the airline out of bankruptcy. Since losing a recent bid for Trans World Airlines, Ichan has been shopping for his own airline in which he could use as a distribution channel for Lowestfare.com. TWA was bought by AMR's (nyse: AMR - news - people) American Airlines. National said it hoped to reach a deal with Icahn, who is now the only one with a financing offer. Details about the talks were not available, but the proposal would likely mean Icahn's control of the airline.

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Meanwhile, Icahn has said in court that his offer to save National expires Friday. A National spokesman said the airline is still hoping to reach a deal with Icahn, who right now is the only one with a financing offer.

National spokesman Dik Shimizu said the airline has been having its best days ever from an operational standpoint in the last week. But issues such as aircraft lessors who want to renegotiate lease terms have held up a final deal with Icahn.

``We're in the position where we believe that we're very close to having a deal completed (with Icahn), but we need a little more time,'' Shimizu told Reuters.

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