Western Global Airlines har trøbbel med finansene

[Someone]

Det er ikke lenger bare fryd og gammen innen frakt og nå er det Western Global Airlines som sliter. Det snakkes i kulissene om en chapter 11 løsning

https://www.ch-aviation.com/portal/n...kruptcy-report

After enjoying red-hot pandemic cargo demand, Western Global Airlines (KD, Fort Myers Southwest Florida) is considering bankruptcy as cargo demand comes off the boil. Citing unnamed sources, Bloomberg is reporting that talks are again underway with creditors about the airline's financing needs, and while no final decision has been made, voluntarily filing for bankruptcy is a live option.

[LN-MOW]

Litt mer her:

https://finance.yahoo.com/news/weste...VvnjvrnuvVaWQP

Most of Western Global’s fleet is not flying at the moment, FreightWaves research shows.

Western Global dispatched two MD-11s on June 4 to Roswell Air Center, a desert graveyard for aircraft located in New Mexico, according to Flightradar24. The flight tracking service also shows the last flights of five MD-11s were to Fort Myers, including four in June and one on April 27. Another four MD-11s have returned to the Shreveport maintenance base since April 19. And one 747 freighter arrived in Fort Myers on Thursday. Six other aircraft have no flight history for the past 90 days.

Planespotters.com identifies 11 Western Global aircraft as parked. The airline did not respond to inquires about the latest developments.

[Midtiblinken]

De hadde vel 6-7 fly i Ft Myers i forrige uke, MD11 og 747. En 11er taxet over fra nordsiden og jeg regnet med at de skulle laste opp og dra ut.

[Someone]

Luring han sjefen og grunnleggeren som kjøper tilbake deler av gjelden til 40% av pålydende. Da "overtar" han vel fort selskapet som sikret kreditor da

https://www.ch-aviation.com/portal/n...iscounted-debt

The founder and CEO of Western Global Airlines (KD, Fort Myers Southwest Florida) has acquired USD115 million of senior secured debt in the distressed airline at USD0.40 on the dollar, raising eyebrows among employees (who own almost 40% of the entity) and other creditors.

[Someone]

Ser ut som de alt i 2022 begynte komme bakpå med å betale regninger

https://www.ch-aviation.com/portal/n...npaid-invoices

Western Global Airlines (KD, Fort Myers Southwest Florida) failed to pay invoices totalling USD556,000 over three months in 2022, according to a lawsuit filed by multimodal logistics company Radiant Logistics.

[raider66]

Ser ut som at de klarer å holde det gående litt til. De har klart å fikse finansiering til de klarer å få skuta på rett kjøl igjen. Hvis det klarer det da...

https://www.aircargonews.net/airline...inancing-deal/

Espen

[LN-MOW]

Da har de gått i Ch. 11 ...

https://worldairlinenews.com/2023/08...8vb6FEGGIRNM24

To implement the plan, WGA has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Company enters the process with a commitment for more than $77 million of debtor-in possession (“DIP”) financing from Jim Neff and certain members of the Ad Hoc Group (the “Plan Investors”) that will support the Company’s operations through the Chapter 11 cases and provide WGA with a strong balance sheet after it has emerged to even better serve its customers.

[LN-MOW]

Litt mer detaljer her:

https://www.freightwaves.com/news/ba...elta-lufthansa

Western Global Airlines acquired more aircraft under the mistaken belief the bull rush in air cargo during the pandemic would continue, leading to a cash crunch, defaults to vendors such as Delta Air Lines and, ultimately, to Monday’s filing for federal bankruptcy protection, according to court documents.

The Estero, Florida-based freighter operator will use $15.7 million raised to fund its bankruptcy restructuring to partially repay Delta and other vendors deemed critical to ongoing operations, the company’s restructuring specialist said in an affidavit laying out the reasons for the bankruptcy filing and motions for maintaining business functions.

Delta TechOps, the maintenance, repair and overhaul division of Delta Air Lines (NYSE: DAL), is owed nearly $5 million, according to Western Global’s bankruptcy declaration. Western Global Airlines is also $10.4 million in arrears to Lufthansa Technik (DE: LHA), another aircraft repair company, and $7.4 million behind to GE Engine Services Distribution (NYSE: GE). Evergreen Aviation Technologies, a repair station in Taiwan, has a $4.5 million claim against Western Global.