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US cargo operator Gemini files for bankruptcy
Darren Shannon, Washington DC (16Mar06, 21:43 GMT, 155 words)
Gemini Air Cargo, a US aircraft, crew, maintenance and insurance (ACMI) operator, has filed for Chapter 11 bankruptcy protection.
The airline says the bankruptcy, which was filed late on March 15 at the bankruptcy court for the Southern District of Florida, is part of a pre-agreed restructuring plan that is backed by its majority equity holders and 93.4% of its secured lenders.
This plan also includes a $10 million debtor-in-possession agreement with Bayside Capital, a deal that will give the Miami, Florida-based investment firm a majority stake in the cargo operator.
“It is business as usual for the company,” says Gemini chief executive Sam Woodward in a statement. “The Chapter 11 reorganization will allow us to continue normal business operations, while we restructure our debt and other obligations and continue to provide exceptional performance to our customers.
“By significantly reducing our debt, Gemini will emerge from this process as a stronger and more competitive company.”
Source: Air Transport Intelligence news
Darren Shannon, Washington DC (16Mar06, 21:43 GMT, 155 words)
Gemini Air Cargo, a US aircraft, crew, maintenance and insurance (ACMI) operator, has filed for Chapter 11 bankruptcy protection.
The airline says the bankruptcy, which was filed late on March 15 at the bankruptcy court for the Southern District of Florida, is part of a pre-agreed restructuring plan that is backed by its majority equity holders and 93.4% of its secured lenders.
This plan also includes a $10 million debtor-in-possession agreement with Bayside Capital, a deal that will give the Miami, Florida-based investment firm a majority stake in the cargo operator.
“It is business as usual for the company,” says Gemini chief executive Sam Woodward in a statement. “The Chapter 11 reorganization will allow us to continue normal business operations, while we restructure our debt and other obligations and continue to provide exceptional performance to our customers.
“By significantly reducing our debt, Gemini will emerge from this process as a stronger and more competitive company.”
Source: Air Transport Intelligence news
