People Express asked for a fast OK of its takeover.

The cash-starved carrier said that unless it receives speedy federal approval of its sale to Texas Air Corp. and concessions by holders of its public debt issues, it could be forced to file for bankruptcy protection. People Express said in a statement that it is asking the Transportation Department to approve the sale to Texas Air no later than Oct. 14 so People Express can avoid facing by itself interest payments of $13.4 million due the next day. Texas Air announced last month that it would buy People Express and the assets of its grounded subsidiary, Frontier Airlines, for about $300 million.