fr8box
21st Mar 2006, 08:54
I just heard a rumor that Gemini Air Cargo filed chapter 11 last week. I haven't seen anything about it on the network and was wondering if it was true or not. Anyone have any news about what's going on there? :(
r3500vdp
21st Mar 2006, 13:28
This is correct. From the company's website:
Dulles, VA – March 15, 2006 -- Gemini Air Cargo, Inc. (“Gemini” or the “Company”) announced that it has successfully completed its negotiations to restructure all of its senior secured debt with nearly 95% of its lenders, including affiliates of Bayside Capital, Inc. (“Bayside”). To implement the restructuring, Gemini has filed a pre-negotiated, voluntary petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Florida. The highlights of these filings include: i) a fully committed Debtor-in-Possession (“DIP”) financing; ii) a detailed plan of reorganization which significantly reduces the outstanding indebtedness on Gemini’s balance sheet, and iii) agreements with Gemini’s majority equity holders and 93.4% of its secured lenders to vote in favor of this plan of reorganization.
Full text at http://www.gac-cargo.com/newsstory.html