Gemini Exits Bankruptcy

[fogrunner]

As of approximately 4:30 PM EST this afternoon we have officially emerged from bankruptcy.

 

[supermd11]

Yes ... It's Official.

 

[supermd11]

GEMINI AIR CARGO, INC. ANNOUNCES EMERGENCE FROM BANKRUPTCY
Company Eliminates approximately $50 Million of Debt; Strong Balance Sheet and New
Equity Sponsor Positions Company for Growth
Dulles, VA – August 15, 2006 --​

​

Gemini Air Cargo, Inc. announced today that it has
successfully emerged from Chapter 11 after having its Plan of Reorganization confirmed by
the Bankruptcy Court. As part of the reorganization, Gemini’s largest creditor agreed to
exchange its loans for a combination of new debt and the majority ownership position in the
company. The restructuring greatly strengthens Gemini’s balance sheet, significantly reduces
the Company’s level of indebtedness, and positions the Company for strong growth.
Sam Woodward, Chairman, President and Chief Executive Officer of Gemini, commented,
“We are very pleased to have emerged from bankruptcy in only four months. Through this
process, Gemini eliminated approximately $50 million of debt, greatly improving the
Company’s competitive position. The entire team is energized and looking forward to
continuing our growth. I would like to express my gratitude to Gemini’s customers, vendors
and, most importantly, our dedicated employees, who supported us through our
reorganization.”
Gemini’s largest pre-petition lender, Bayside Capital, agreed to exchange its secured loans for
a combination of new indebtedness and majority ownership of the reorganized company.
Bayside also agreed to provide exit funding in the form of an emergence credit facility and
new equity infusion.
Added Mr. Woodward, “Gemini is excited to have a strong financial partner in Bayside. Their
support combined with the Company’s operational excellence, strong management, and
outstanding employees enhance the company’s ability to offer great service to its
customers.”
John Bolduc, Managing Director of Bayside Capital, commented, “We look forward to
supporting Gemini and its management team in growing the business together. We are
confident that this support will further enhance the Company’s industry leadership.”
Gemini operates 11 widebody freighter aircraft, providing high-quality, worldwide airport-toairport
service to air freight and airline customers, primarily under renewable long-term
contracts. Gemini supplies its customers with aircraft, crew, maintenance and insurance on a
fee-per-block-hour basis. Gemini participates in international and domestic scheduled service
and charter markets contracting with international air carriers, airfreight forwarders, shippers
and national governments. Gemini presently operates on 5 continents and from 26 airports.
Bayside Capital is a private investment firm which actively invests in the debt and equity of
middle market companies that can benefit from operational enhancements, improved access to
capital, or balance sheet realignments. Bayside’s experience and resources help companies
quickly undertake growth initiatives and improve their strategic position. Bayside Capital is
an affiliate of H.I.G. Capital, a leading private equity investment firm specializing in
acquisitions and recapitalizations of middle market businesses and venture capital
investments. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco,
the firm is one of the most active private equity investors in small and medium-sized
companies. HIG has committed equity capital in excess of $3 billion to support its investment
activities.​

 

[AMDFlyer]

As of approximately 4:30 PM EST this afternoon we have officially emerged from bankruptcy.

Are they going to remove also the freeze on longevity?

 

[jercdevil]

Good reason to vote NO

 

[fogrunner]

Are they going to remove also the freeze on longevity?

Yes according to the new TA the "freeze" would be lifted but at lower rates.

 

[jercdevil]

Much lower rates.Just say NO

 

[monyetbesar]

Said NO and encouraging pals to do the same, hope you all are too.

 

[dc10maniac]

We're working on it.