Low-cost airline with familiar name hopes to fly (AP) - A new airline with a name that evokes the early days of the low-fare, no-frills airline business hopes to launch this summer and succeed by flying to cities that are underserved after industry consolidation. PeoplExpress Airlines announced Monday it will be headquartered at Newport News-Williamsburg International Airport in southeastern Virginia. The airline plans to offer East Coast flights this summer if it's approved by regulators. It will fly used Boeing 737s. The original PeoplExpress was in service from 1981 to until February 1987, when Continental Airlines took it over. Initial destinations include Pittsburgh, Newark, N.J. and West Palm Beach, Fla. Chief Operating Officer Michael Morisi, who worked at the original airline, aims to avoid large cities served by other airlines. The old PeoplExpress called overexpansion one of its fatal mistakes.