McClain Airlines filed for bankruptcy protection.
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The Phoenix-based airline filed for protection from its creditors under Chapter 11 of the federal bankruptcy code after failing to raise $10 million needed to keep it going. The 4-month-old airline offered luxury service at discount fares to Los Angeles and Chicago from Phoenix before it ran into financial problems and three of its leased aircraft were repossessed. The airline said it hopes to continue service between Phoenix and Chicago with its one remaining plane.
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