Document:

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                                                                   EXHIBIT 10.79

                 LEASE TERMINATION AND COMPENSATION AGREEMENT

                                 in respect of

                      AIRCRAFT OPERATING LEASE AGREEMENTS
                     NO. 111, NO. 112, NO. 113 and NO. 114

                      each dated as of November 11, 1993

                                    between

                 FIRST SECURITY BANK, N.A., formerly known as
                      FIRST SECURITY BANK OF UTAH, N.A.,
                        not in its individual capacity
                        but solely as owner trustee, as

                                    Lessor

                                      and

                        MIDWAY AIRLINES CORPORATION, as

                                    Lessee

                                      and

                           DEBIS AIRFINANCE B.V., as

                               Beneficial Owner.

Aircraft:          Fokker 100 (F28 Mk 0100)
Serial Nos./RN:    11444/N103ML
(respectively)     11445/N104ML
                   11475/N105ML
                    11477/N106ML
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Lease Termination and Compensation Agreement (this "Agreement") by and between:

(1)  debis AirFinance B.V., a company incorporated under the laws of The
     Netherlands, having its principal place of business at Evert van de
     Beekstraat 22, 1118 CL Schiphol Airport, The Netherlands ("debis AF");

(2)  Midway Airlines Corporation, a company incorporated under the laws of the
     State of Delaware, having its principal place of business at 2801 Slater
     Road, Suite 200, Morrisville, North Carolina  27560 ("Midway" or "Lessee");
     and

(3)  First Security Bank, N.A., formerly known as First Security Bank of Utah,
     N.A., a national banking association existing pursuant to the laws of the
     United States, having its principal place of business at 79 South Main
     Street, Salt Lake City, Utah 84130-0007, not in its individual capacity
     (except as expressly set forth in the Leases) but solely as Owner Trustee
     under the Trust Agreement ("Trustee" or "Lessor").

WHEREAS, debis AF is the beneficial owner of each of the four (4) aircraft
identified in Exhibit A attached hereto (each, an "Aircraft" and collectively,
the "Aircraft"), by virtue of its ownership of all the outstanding and issued
shares of the special purpose companies which are the owners of the Aircraft
identified by Serial Numbers 11445 and 11475 and otherwise by virtue of its
direct beneficial ownership of the Aircraft identified by Serial Numbers 11444
and 11477; and

WHEREAS, the Trustee and Midway are parties to those certain Aircraft Operating
Lease Agreements No. 111, No. 112, No. 113 and No. 114 , each covering one of
the Aircraft and each dated as of November 11, 1993 (as amended from time to
time, each, a "Lease" and collectively, the "Leases"); and

WHEREAS, Midway, debis AF and the Trustee desire to enter into certain
agreements with respect to and/or modifications of the Leases and with respect
to certain other matters, subject to the terms and conditions of this Agreement.

NOW THEREFORE, in consideration of the mutual promises herein contained, the
parties hereto agree as follows:

1.   Definitions

     Terms which are capitalized but not defined herein shall have the meaning
          ascribed to such terms in the Leases.

2.   Revised Expiry Dates; Return of Aircraft

     (a)  Notwithstanding anything to the contrary contained in any Leases,
          Section 1.27 of each Lease is amended so that the Expiry Date shall be
          any of February 1, 2001, March 1, 2001, May 1, 2001 or June 1, 2001
          (provided, however, that each Lease shall have a different Expiry
          Date) which such Expiry Date with respect to each Lease shall be
          provided by Midway to Lessor no later than January 1, 2001.

     (b)  Each Lease is amended by deleting Section 16.1 thereof in its entirety
          and substituting therefor:

          16.1  (a)  On the Expiry Date or upon earlier termination of the Term
          (unless a Casualty Occurrence shall have occurred with respect to the
          Aircraft), Lessee shall, at its own expense, redeliver the Aircraft to
          Lessor at the Redelivery Location or such other airport as is mutually
          acceptable to the parties, free and clear of all liens and
          encumbrances (including Permitted Liens other than Lessor Liens) and
          thereupon cause the Aircraft to

                                       2
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          be removed from the Register of Civil Aircraft in the State of
          Registration and Lessee shall return the Aircraft to Lessor together
          with the Aircraft Documents and all equipment and records supplied
          pursuant to this Agreement when the Aircraft was delivered to Lessee
          hereunder.

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     (g)  At least six months prior to the redelivery of each one of the
          Aircraft, Midway shall give debis AF notice of which Aircraft and
          which engines will be returned on that particular redelivery date.

3.   Payment for Early Termination of the Leases; Settlements and Releases

     (a)  Midway agrees to pay to debis AF the amount of US$8,500,000.00 (United
          States Dollars Eight Million Five Hundred Thousand) as consideration
          for the early termination of the Leases *** ** **** ************ **
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          ***** ** *** ********* ******* ** **** ********* (the "Early
          Termination Fee"), to be paid as follows: pro rata at re-delivery of
          each of the Aircraft on the scheduled Expiry Date of the Lease
          relating to such Aircraft (US$2,125,000 (United States Dollars Two
          Million One Hundred Twenty-Five Thousand) per Aircraft).

     (b)  (i)  In the event of a Casualty Occurrence with respect to an Aircraft
          or Airframe and following Midway's compliance with Section 17.2 of the
          relevant Lease, the amount payable with respect to the affected
          Aircraft or Airframe pursuant to Section 3(a) above, US $2,125,000
          (United States Dollars Two Million One Hundred Twenty-five Thousand,
          shall be waived by Lessor and Midway shall be released from any
          payment obligation with respect thereto.

          (ii) In the event of a Casualty Occurrence with respect to an Engine,
          Midway's obligation to debis AF under Section 3(a) above shall be
          reduced by an amount equal to the

* redacted

                                       5
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          "Condition Overage" which shall be calculated by multiplying ******
          times (x) any differential between the total number of elapsed cycles
          on the "Original Engine" (which shall mean the Engine which was the
          subject of the Casualty Occurrence) minus the total number of elapsed
          cycles on the "Replacement Engine" (which shall mean the Engine which
          has been substituted as the replacement engine in accordance with
          Section 5.1.2(a) of the relevant Lease).

4.   Maintenance Reserves

     (a)  Upon the execution of this document, Lessor and/or debis AF shall pay
          to Midway by way of setoff against the Promissory Note as described in
          Section 5 hereof, the sum of $202,569.39  in full and final settlement
          of all of Midway's claims with respect to APU Maintenance Fund
          overpayments and reimbursements due to Midway as of November 30, 1999
          with respect to the non-Engine Maintenance Funds.

     (b)  All funds paid by Midway pursuant to Appendix D, Section 3.1(b) of
          each Lease constituting Engine Maintenance Accruals shall be applied
          in accordance with the provisions of each Lease during the term
          thereof.  Upon the termination of each Lease, any remaining Engine
          Maintenance Accruals shall be the property of Lessor and shall not be
          payable to Midway.

5.   Promissory Note

          That certain Promissory Note originally dated as of January 31, 1997
          as amended and restated as of March 30, 1998 payable by Midway to
          debis AF is hereby amended ** ****** *** ********* ****** **
          *********** on the date of execution of this Agreement pursuant to the
          provisions of Section 4(a) hereof. The Note shall continue to bear
          interest at 8% per annum and shall continue to be repaid at its
          current monthly amount until March 1, 2001 at which time any unpaid
          principal, accrued interest and any other amounts shall be due and
          payable

* redacted

                                       6
<PAGE>

6.   Rolls Royce Agreement.

          At the request of either debis AF or Midway,  the other shall use its
          best efforts to cause Rolls Royce Canada Limitee ("RR") to continue
          the  Agreement relating to the repair of the Rolls Royce Tay Engines
          currently in place with respect to the Aircraft with respect to a new
          lessee, provided, however, that such best efforts shall not require
          debis AF or Lessor to act in any manner which may adversely affect a
          potential new lease of any of the Aircraft nor shall it require Lessee
          to pay any amounts to RR or to amend such Agreement in any manner
          which may adversely affect Midway.

7.   Governing Law

          This Agreement shall be governed by and construed in accordance with
          the internal laws of the State of New York and without regard to any
          conflict of law rules. This Agreement is being delivered in the State
          of New York.

8.   Miscellaneous

     (a)  Except as specifically amended or supplemented by this Agreement, the
          Leases are hereby ratified, approved, confirmed and continued in all
          respects and all provisions of the Leases as heretofore amended shall
          remain in full force and effect.  The parties hereto acknowledge and
          confirm that the Leases are intended to be true leases and not a
          financing arrangement. This Agreement may be executed in any number of
          counterparts, and all of such counterparts taken together shall be
          deemed to constitute one and the same instrument.

     (b)  Any disputes arising with respect to this Agreement shall be subject
          to the provisions of, inter alia, Article 18 of each Lease.

9.   No Course of Dealing

          Execution of this Agreement shall in no way create a course of dealing
          between the parties hereto. Midway expressly acknowledges that neither
          debis AF nor the Trustee shall in any way be obligated to extend
          additional concessions except to the extent agreed to in this
          Agreement.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
by their respective officers thereunto duly authorized as of the day and year
first above written.

SIGNED on behalf of

FIRST SECURITY BANK, N.A. (formerly known as First Security Bank of Utah; N.A.),
not in its individual capacity but solely as owner trustee

By:   /s/ Greg A. Hawley
Name:     Greg A. Hawley
Title:    Vice President
Date: ______________________________

SIGNED on behalf of

MIDWAY AIRLINES CORPORATION

By:   /s/ Jonathan S. Waller
Name:     Jonathan S. Waller
Title:    Senior Vice President
          General Counsel
Date:_______________________________

SIGNED on behalf of

debis AirFinance B.V.

By:   /s/ Frank Haspel
Name:     Frank Haspel
Title:    Managing Director (CEO)
Date:_______________________________

By:   /s/ John McMahon
Name:     John McMahon
Title:    Senior Vice President - Commercial
Date:_______________________________

                                       8
<PAGE>

                                   Exhibit A

--------------------------------------------------------------------------------
         Aircraft                   Aircraft                Beneficial Owner
      Manufacturer's             Operation Lease
      Serial Number              Agreement Number
--------------------------------------------------------------------------------

         11444                         111                 debis AirFinance B.V.

         11445                         112                    American Aircraft
                                                                Finance I B.V.

         11475                         113                    American Aircraft
                                                                Finance II B.V.

         11477                         114                 debis AirFinance B.V.

--------------------------------------------------------------------------------

                                       9
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                                   Exhibit B

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                                       12<PAGE>

6-1162-CPJ-385

Midway Airlines Corporation
2801 Slater Road, Suite 200
Morrisville, NC 27560

Subject:  ******* ******* ******** *** *********** ** ******* ********

Reference:     (a)   Boeing Letter No. 6-1162-CPJ-375, November 1, 1999 Advance
                     Payment Deferral
               (b)   Letter Agreement No. 6-1162-CPJ-316 to Purchase Agreement
                     No. 2235
               (c)   Purchase Agreement No. 2235 (the Purchase Agreement)
                     between The Boeing Company (Boeing) and Midway Airlines
                     Corporation (Customer) relating to Model 737-7BX aircraft
                     (Aircraft)

This Letter Agreement amends, supplements, and is part of the Purchase
Agreement.  All terms used but not defined in this Letter Agreement have the
same meaning as in the Purchase Agreement.

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     ------------------------

     Boeing's reference (a) correspondence deferred Customer's November 1, 1999,
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     -------------------------

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* redacted
<PAGE>

Midway Airlines Corporation
6-1162-CPJ-385
Page 2

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     *******************************

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4.   Cross-Default and Utilization of Advance Payments.
     -------------------------------------------------

     Customer is required to make certain advance payments under the Purchase
Agreement, as supplemented and amended.  In the event of a default by Customer
with respect to any Aircraft under the Purchase Agreement, Customer agrees that
(i) such default will be a default with respect to all Aircraft under the
Purchase Agreement; and (ii) Boeing may apply any or all of the advance payments
held by Boeing against any and all obligations of Customer under the Purchase
Agreement.  Advance payments made with respect to any undelivered Aircraft need
not be applied to amounts owed on such undelivered Aircraft, but may be applied
as determined by Boeing at its sole discretion to any amounts owed by Customer
under the Purchase Agreement.

* redacted
<PAGE>

Midway Airlines Corporation
6-1162-CPJ-385
Page 3

5.   Confidential Treatment.
     ----------------------

     Customer understands that certain commercial and financial information
contained in this Letter Agreement are considered by Boeing as confidential.
Customer agrees that it will treat this Letter Agreement and the information
contained herein as confidential and will not, without the prior written consent
of Boeing, disclose this Letter Agreement or any information contained herein to
any other person or entity.  Notwithstanding the provisions of Article 9 of
AGTA-MID, this Letter Agreement is not assignable in whole or in part.

Very truly yours,

THE BOEING COMPANY

By /s/ Scott S. Massey
   ----------------------

Its        Attorney-In-Fact
    ------                  -----------------

ACCEPTED AND AGREED TO this

Date:  December 15, 1999

MIDWAY AIRLINES CORPORATION

By  /s/ Jonathan S. Waller
  ---------------------------

Its Senior Vice President
    -------------------------
    General Counsel
    ---------------
<PAGE>

     2.2    Unless expressly provided for in this Agreement, the terms and
            conditions of the Agreement shall apply mutatis mutandis to the
            Option Aircraft, with the exception Annex A Technical Support as
            specified in Article 1.2 (Field Service Representative, except as
            noted in Article 2.0 of this Letter Agreement), Annex A training
            courses as specified in Article 3.2.4 (flight attendant), Article
            3.2.5 (flight dispatch), Article 3.3.1 (customized maintenance
            course), Article 3.3.2 (engine run-up) ); the Technical Data
            identified in Article 4 Attachment A (except for Aircraft specific
            manuals only), and the courses specified in the following Articles
            of Letter Agreement No. 005: Article 1.1.2 (flight attendant),
            Article 1.3 (training materials), Article 1.4 (dispatcher training)
            and Article 2.0 (start up support).

            Furthermore, the following Letter Agreements are also not applicable
            to the Option Aircraft and are hereby excluded:

                   Letter Agreement No. 002 (Shadow Option Aircraft)
                   ***  Letter Agreement No. 006 (Spares)
                   Letter Agreement No. 010 (Performance)
                   Letter Agreement No. 011 (Configuration)

            Furthermore, Letter Agreement No. 003 (Financing), Letter Agreement
            No 004 (Deposit), and Letter Agreement No. 008 (Maintenance Cost)
            and Letter Agreement No. 009 (Dispatch Reliability) are applicable
            as set out therein.

     ***    BRAD will issue to Buyer the spares credit memorandum identified in
            Paragraph 1.0 in Letter Agreement No. 006 in conjunction with the
            delivery of the Fourteenth (14th) through Twentieth (20th) Firm
            Aircraft.

     3.0    In the event of the termination of the Agreement, this Letter
            Agreement shall become automatically null and void.

     4.0    Upon exercise of Buyer's rights to purchase in accordance with this
            Letter Agreement, the parties shall amend the Agreement or enter
            into an additional purchase agreement in order to give effect to the
            purchase of Option Aircraft in accordance with the terms and
            conditions thereof.

     5.0    The provisions of this Letter Agreement are personal to Buyer and
            shall not be assigned or otherwise disposed of by Buyer without the
            prior written consent of BRAD.

                                       4

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