Independence Air To Shut Down Thursday

Washington -- Independence Air said yesterday it will shut down on Thursday, two days earlier than the airline said it would last week if it couldn't find an investor to pull it out of federal bankruptcy protection.

The low-fare airline, which launched just 18 months ago at Dulles International Airport, will fly its last flight Thursday evening, from White Plains, N.Y., to Dulles.

"The financial pressures in the industry have prevailed," the airline said in a statement on its website. "We have run out of time."

Passengers booked on Independence Air flights scheduled after Thursday night and who paid for their tickets with credit cards can contact their credit card companies for refunds, according to the airline.

The airline is also seeking bankruptcy court approval to refund tickets for flights scheduled after Independence Air halts operations.

Under federal law, passengers who booked flights on airlines that shut down can fly standby between the same destinations on other airlines for a $50 fee one way within 60 days after the airline closes.