TRANSPORTATION

Midway Airlines Files for Liquidation: Giving up plans of flying again, Midway Airlines told a federal bankruptcy judge that it is ready to sell its remaining assets. Midway Chairman David R. Hinson said the defunct airline had no choice but to liquidate and try to pay its creditors. Chicago-based Midway stopped flying earlier this month after Northwest Airlines backed out of a $153-million takeover deal. Midway had filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in March, hit hard by the Persian Gulf War and an ill-fated attempt to add a hub in Philadelphia. On Wednesday, Midway converted its Chapter 11 filing to Chapter 7, which allows the court to oversee the sale of a bankrupt company’s holdings to pay off creditors.