There were two airlines named Overseas National Airways. The first Overseas National Airways operated from 1950 to 1978. The second airline to be named Overseas National Airways was created when officials of the second Overseas National Airways formed a FAR Part 129 leasing company known as United Air Carriers, Inc. on July 21, 1977. When the first Overseas National Airways folded in 1978, the company was renamed to Overseas National Airways and was certified in 1980 under FAR 121 as a cargo and passenger charter company. In 1982 the company gained approval for scheduled service, leading to the company purchasing the name National Airlines from Pan American World Airways in anticipation of scheduled New York to Paris service. The scheduled service never materialized, although flights on the route were flown as charters. The company, faced financial problems and by December 1985 it ceased operations, filing for bankruptcy in May 1986.