Gulfstream Files for Chapter 11 Bankruptcy
Gulfstream International Group has filed for Chapter 11 bankruptcy reorganization, but the company says this will not affect operations and all tickets and reservations will be honored.
Under its Continental Connection brand, Gulfstream flies from Cleveland to Bradford Regional Airport, Jamestown and four other airports through the federal Essential Air Service program.
In a prepared statement Gulfstream said it has arranged up to $5 million in financing, subject to court approval. The financing will be a first step in securing long-term financing to allow Gulfstream to buy the 23-plane fleet it now leases, and position the company for growth, according to President and Chief Executive David Hackett.
Hackett said the combination of borrowing in recent years to cope with high fuel costs plus declining traffic made it too difficult for Gulfstream to meet its debt obligations.
Under its Continental Connection brand, Gulfstream flies from Cleveland to Bradford Regional Airport, Jamestown and four other airports through the federal Essential Air Service program.
In a prepared statement Gulfstream said it has arranged up to $5 million in financing, subject to court approval. The financing will be a first step in securing long-term financing to allow Gulfstream to buy the 23-plane fleet it now leases, and position the company for growth, according to President and Chief Executive David Hackett.
Hackett said the combination of borrowing in recent years to cope with high fuel costs plus declining traffic made it too difficult for Gulfstream to meet its debt obligations.
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