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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

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