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                                                                   EXHIBIT 10.19

FOR IMMEDIATE RELEASE

                      GREAT LAKES AVIATION, LTD. ANNOUNCES
          COMPLETION OF FINANCIAL RESTRUCTURING AND PROMOTION OF CHUCK
                        HOWELL TO CHIEF EXECUTIVE OFFICER

CHEYENNE, Wyo., December 31 - Great Lakes Aviation, Ltd. (OTC Bulletin Board:
GLUX - news) announced today that it has successfully completed the
restructuring of the aircraft financing provided by Raytheon Aircraft Credit
Corporation ("RACC") to Great Lakes with respect to its fleet of Beech 1900D and
1900C Aircraft. This restructuring, which Great Lakes and RACC began discussing
earlier this year, results in significant improvements to Great Lakes' cost
structure and balance sheet, as well as a 36% equity holding by RACC. It also
returns Great Lakes to a current status with regard to all of its RACC debt and
lease obligations.

Effective with the completion of the financial restructuring, Great Lakes has
appointed Charles R. Howell IV as its Chief Executive Officer. Douglas G. Voss,
Great Lakes' former Chief Executive Officer, will continue to serve in his
capacity as Chairman of Great Lakes' Board of Directors.

Mr. Howell was brought to the company in August of this year as Chief Operating
Officer in order to strengthen the management team. Prior to joining Great Lakes
he served most recently as President and CEO of Corporate Airlines, a Nashville
based regional airline that he co-founded in 1996.

Mr. Howell, the company's new CEO, stated, "This restructuring is a tremendous
boost for Great Lakes and its long partnership with Raytheon. We look forward to
being better able to serve our customers and to build a stronger company for our
existing and new shareholders. Our employees, our code-share partners, and our
other stakeholders will also benefit from this accomplishment."

Great Lakes' Chairman of the Board Douglas G. Voss said, "I am pleased with the
results that Chuck's capable and experienced airline management skills have had
on our operation since joining Great Lakes. The new ideas and skills Chuck
brings, combined with the company's improved financial position, will greatly
enhance Great Lakes' future performance."

As of November 1, 2002, scheduled passenger service was being provided at 47
airports in fifteen states with a fleet of Embraer EMB-120 Brasilias and
Raytheon/Beech 1900D regional airliners. A total of 212 weekday flights are
scheduled at four hubs, with 172 flights at Denver, 20 flights at Chicago -
O'Hare International Airport, 14 flights at Minneapolis/St. Paul, and 6 flights
at Phoenix.

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All scheduled flights are operated under the Great Lakes Airlines marketing
identity in conjunction with code-share agreements with United Airlines and
Frontier Airlines.

The foregoing release contains forward-looking terminology, which is made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to certain risk and
uncertainties that could cause actual results to differ materially from those
projected. Potential purchaser's of the company's securities are cautioned not
to place undue reliance on such forward-looking statements which are qualified
in their entirety by the cautions and risks filed by the company with the
Securities and Exchange Commission.

Additional information is available on the company web site that may be accessed
at www.greatlakesav.com.

CONTACT:
     Great Lakes:
     Charles R. Howell IV
     Douglas G. Voss
     (307) 432-7000

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