Gemini Air Cargo
Gemini Air Cargo, Washington, said it emerged from Chapter 11 bankruptcy reorganisation last month, after eliminating US$50 million of its debt and realigning its balance sheet.
Under the terms of its restructuring, the Dulles-based air cargo carrier said in a statement that its largest lender, Bayside Capital, agreed to exchange its secured loans for a combination of new debt and majority ownership of the reorganised company.
Bayside, a Miami-based private investment fi rm, has also agreed to provide Gemini with a line of credit to ensure the company has suffi cient liquidity going forward.
Sam Woodward, Gemini's chairman, president and CEO, said: “The entire team is energised. We are very pleased to have emerged from Chapter 11 in only four months."
Gemini provides airport-to- airport service to the air freight community and airline customers, primarily under renewable long-term contracts. The company has offi ces in Miami, Jamaica, New York, Toronto, Brussels, Belgium, and two sites in Germany.