Oklahoma Groups Settle Legal Battle Over Failed Airline

The Tulsa Airports Improvement Trust and the Bank of Oklahoma’s parent company say they have reached a settlement over the failed Great Plains Airlines.

The Tulsa Industrial Authority and the bank sued the airports trust for $15.6 million in 2013, accusing it of breaching contract.

Tulsa had approved a $30 million issue of Industrial Authority bonds for Great Plains in 2000. The Industrial Authority mortgaged Air Force Plant 3 property for the $30 million to loan the airline. The airports trust, in turn, agreed to purchase the property if the airline defaulted.

The Tulsa World reports that Great Plains filed for bankruptcy in 2004, and the airports trust refused to buy the property, citing an FAA ruling.

Under the agreement, the airports trust will pay more than $1.5 million to the industrial authority and BOK Financial Corp.