Gulfstream International Files For Chapter 11 Reorganization | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 09.19.14 ** HD iPad-Friendly -- Airborne 09.19.14 **
** Airborne 09.17.14 ** HD iPad-Friendly -- Airborne 09.17.14 **
** Airborne 09.15.14 ** HD iPad-Friendly -- Airborne 09.15.14 **

Tue, Nov 09, 2010

Gulfstream International Files For Chapter 11 Reorganization

Florida Regional Airline Continues Normal Flight Operations

Gulfstream International Airlines, a regional carrier which operates flights from Fort Lauderdale, FL to destinations in Florida and the Bahamas, as well as flights from Cleveland, OH, has filed for reorganization under Chapter 11 bankruptcy rules. Gulfstream executives say that all flight operations are continuing on a normal schedule. The airline operates a fleet of 23 Beechcraft 1900D aircraft.

Gulfstream said the filing in intended to allow the company to restructure its debt and secure long-term financing.

The Wall Street Journal's Market Watch reports that the company has had to borrow heavily over the past several years to cope with rising fuel costs and a sagging economy. Gulfstream president and CEO David Hackett said the airline has made "strong year-over-year improvements," but economic factors have made it impossible to continue servicing the debt it has accumulated. He said the company is receiving "strong interest" from potential new funding sources, but all have said the company would need to restructure its debt before they would consider investing.

No layoffs have been announced, and Hackett said one of the goals of the restructuring is to "ensure a great future for our employees."

FMI: http://gulfstreamair.com

Advertisement

More News

Aero-News: Quote Of The Day (09.21.14)

"The RCAF took the initiative to remove these functional, perfectly good parts and use them effectively. It was a sound decision, helping to ensure the long-term viability of the a>[...]

Enhanced F-35 Logistics Systems Delivered To Flight Test Locations

Integrates Preventative Maintenance, Flight Scheduling, And Mission Planning The 'next evolution' of the F-35 Lightning II's information technology backbone called the Autonomic Lo>[...]

Airbus Forecasts Strong Demand For Air Travel In The Middle East

Delivers First A380 To Qatar Airways Saying Airplane Is 'Ideal' For The Region Airbus has delivered Qatar Airways' first A380, and has used the occasion to tout the airplane as pla>[...]

NBAA Names 2014 Humanitarian Award Recipients

International Jet Aviation, Make-A-Wish Foundation, To Be Honored In Orlando The NBAA is pleased to announce that International Jet Aviation Services of Centennial, CO and the Make>[...]

NASA Seeks America's 'Best And Brightest' For Research Fellowships

Applications Period Open For Space Technology Grants NASA is seeking applications from U.S. graduate students for the agency's Space Technology Research Fellowships. The research g>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC