Gulfstream in bankruptcy
Gulfstream in bankruptcy
These guys had a PTF F/O operation in the back of flying Mag forever, obviously the business model does not work
Florida airline Gulfstream International filed for bankruptcy on Thursday to cope with debt and rising fuel costs, but said it would not affect its 150 daily flights.
The airline flies to 18 destinations in Florida and the Bahamas. From Cleveland it flies to six cities in neighbouring states.
The company said the filing would not affect its 600 employees and it would honour all tickets. It said it would use the bankruptcy to clear the way for a fresh capital infusion.
"Gulfstream received strong interest from a number of investment sources; however, all of them noted the need to restructure the balance sheet through Chapter 11 prior to making those investments," the company said in a statement.
The company had arranged a USD$5 million debtor-in-possession loan to fund its operations while in bankruptcy.
The company operates 23 aircraft, each with seating for 19 passengers. For the first six months of 2010, the company had revenue of USD$46.3 million, down from USD$47.3 million a year ago, according to a regulatory filing.
Over the same period, fuel costs rose about 22 percent, according to a regulatory filing.
Florida airline Gulfstream International filed for bankruptcy on Thursday to cope with debt and rising fuel costs, but said it would not affect its 150 daily flights.
The airline flies to 18 destinations in Florida and the Bahamas. From Cleveland it flies to six cities in neighbouring states.
The company said the filing would not affect its 600 employees and it would honour all tickets. It said it would use the bankruptcy to clear the way for a fresh capital infusion.
"Gulfstream received strong interest from a number of investment sources; however, all of them noted the need to restructure the balance sheet through Chapter 11 prior to making those investments," the company said in a statement.
The company had arranged a USD$5 million debtor-in-possession loan to fund its operations while in bankruptcy.
The company operates 23 aircraft, each with seating for 19 passengers. For the first six months of 2010, the company had revenue of USD$46.3 million, down from USD$47.3 million a year ago, according to a regulatory filing.
Over the same period, fuel costs rose about 22 percent, according to a regulatory filing.
Last edited by weasil; 9th Nov 2010 at 13:25. Reason: legal
