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The restructuring contemplates a significant reduction in the Company’s overall leverage through a debt-for-equity exchange and subsequent equity infusion. Gemini has also received a commitment for a $10 million DIP facility and exit financing from an affiliate of Bayside. The DIP financing provides more than sufficient capital to meet the anticipated needs of Gemini to continue normal operations.
John Bolduc, Managing Director of Bayside Capital, commented, “We are pleased to have participated with Gemini in restructuring the balance sheet of this strong company. We look forward to becoming its majority owner and supporting the growth of the business.”
What now?
I know that they just hired a bunch of pilots last year.
How many MD-11s does Gemini have? Heard recently that UPS was on the prowl to make another large purchase.
Guess I better get the resume up to date...again.
RJDC said:Quote
Are you saying that you would rather work at Gemini vs. UPS? If UPS were to buy the MD-11s wouldn't Gemini's MD-11 pilots come with the aircraft? I thought your contract would force UPS to take you and integrate you into their seniority list.
RJDC said:Quote:
Are you saying that you would rather work at Gemini vs. UPS? If UPS were to buy the MD-11s wouldn't Gemini's MD-11 pilots come with the aircraft? I thought your contract would force UPS to take you and integrate you into their seniority list.