XTRA Airways (Fort Lauderdale International) has been acquired by a group of investors as part of their plans to resurrect the long defunct PEOPLExpress brand. The agreement now gives PEOPLExpress (Newport News) "the immediate ability to operate aircraft under the FAA certificate issued to XTRA". While no exact details on the agreement were divulged news paper reports claim PEOPLExpress was able to finance its purchase of XTRA thanks to a short-term USD500'000 loan from a local development authority. Michael Morisi, president of People Express, said to "expect more announcements in the coming weeks as to when 737s under the PEOPLExpress banner will begin taking to the skies." Morisi also stated that the XTRA brand would not be retired, but will be incorporated into his company as a charter wing. PeoplExpress (1980) (New York Newark) was a major player in the US domestic market during the 1980s but was forced into merging with Continental Airlines (Houston Intercontinental) in 1987 when heavy debt burdens coupled with a failed integration with Frontier Airlines (1950) proved too much. Plans to relaunch were first announced in February 2012, but snags in financing delayed the start of operations.