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 11.21.14 ** HD iPad-Friendly -- Airborne 11.21.14 **
** Airborne 11.19.14 ** HD iPad-Friendly -- Airborne 11.19.14 **
** Airborne 11.17.14 ** HD iPad-Friendly -- Airborne 11.17.14 **

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

Airborne 11.21.14: AEA's 3Q/14 Report, Fantasy Of Flight, Modernizing The NAS

Also: Holland Wants Gold, FAA Strangling UAVs?, RAF WWII Trainer For Sale, Bf109s Live, Georgia v Aerospace Engineers The Aircraft Electronics Association has released its third-qu>[...]

Aero-News: Quote Of The Day (11.23.14)

"Reaching this stage that we call ATLO is a critical milestone. This is a very satisfying point of the mission as we transition from many teams working on their individual elements>[...]

ANN FAQ: Getting The Most Out Of ANN's Newsletters

ANN goes through a lot of trouble to make the graphics flashy and cool and an integral part of the story. But let's face it, they're bandwidth-intensive. So here are a couple of th>[...]

Air Force Funds Research On Thermal Management Technology For Fighters

Heat Generated By Electronic Systems A Growing Challenge Managing heat that is generated by electronic subsystems in next-generation aircraft is a vexing challenge for aerospace sy>[...]

Raytheon Successfully Demonstrates Airborne Electronic Attack System

Prototype Test Flights Evaluate Integrated Electronic Warfare Capabilities The U.S. Navy and Raytheon successfully demonstrated an end to end, first of its kind, integrated electro>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

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