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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.

Gulfstream International has announced that it will receive $8.5 million in federal subsidies as part of the Essential Air Service Program. Earlier this month, the US Department of Transportation awarded Gulfstream new two-year contracts as the EAS provider provider for Bradford, DuBois, Franklin/Oil City, Jamestown, New York, and Pakersburg, West Virginia. At that time, Bradford Regional Airport Director Tom Frungillo said the airport authority is looking forward to continuing to work with Gulfstream. He added, “Marcellus Shale development is currently leading to expanded service. Any future opportunities that may arise for new markets and destinations would also create additional passenger growth - and would be greatly welcomed.” Read the earlier news release here: September 10, 2010 Thompson Announces Continuation of Gulfstream Airlines Service at Bradford, Dubois and Franklin Airports Washington, D.C.—Congressman Glenn ‘GT’ Thompson, R-Howard, today announced that the U.S. Departm...