Browntothebone
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http://www.bizjournals.com/wichita/stories/2008/07/28/daily8.html
Monday, July 28, 2008 - 2:49 PM CDT
Tradewinds Airlines files for bankruptcy
Wichita Business Journal - from the South Florida Business Journal
Tradewinds Airlines has become a victim of rising fuel prices and falling demand.
The Greensboro, N.C.-based freight airline on Friday filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court of Southern Florida in Miami.
The company's bankruptcy attorney, Scott Baena of Bilzin Sumberg in Miami, said Tradewinds also is pursuing a $54.9 million judgment in New York courts against C-S Aviation Services, a former lessor of its aircraft. Billionaire hedge fund manager George Soros and his business partner, Pernendu Chatterjee, who are as named defendants in that suit, control C-S Aviation. No immediate comment was available from Soros' spokesperson.
The company listed between $10 million and $50 million in liabilities, more than 200 creditors, and between $1 million and $10 million in assets.
"They are suffering from the same macro-economic problems as other airlines, including the cost of fuel and demand going down," Baena said. "We're actually looking at several different strategies for reorganization. It's our intention to identify a bankruptcy exit strategy within the next 60 days."
Tradewinds has major operations in Puerto Rico and at Miami International Airport.
The airline already shut down 747 aircraft service, which prompted some layoffs, Baena said.
"Additional layoffs are not presently planned," he said.
Monday, July 28, 2008 - 2:49 PM CDT
Tradewinds Airlines files for bankruptcy
Wichita Business Journal - from the South Florida Business Journal
Tradewinds Airlines has become a victim of rising fuel prices and falling demand.
The Greensboro, N.C.-based freight airline on Friday filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court of Southern Florida in Miami.
The company's bankruptcy attorney, Scott Baena of Bilzin Sumberg in Miami, said Tradewinds also is pursuing a $54.9 million judgment in New York courts against C-S Aviation Services, a former lessor of its aircraft. Billionaire hedge fund manager George Soros and his business partner, Pernendu Chatterjee, who are as named defendants in that suit, control C-S Aviation. No immediate comment was available from Soros' spokesperson.
The company listed between $10 million and $50 million in liabilities, more than 200 creditors, and between $1 million and $10 million in assets.
"They are suffering from the same macro-economic problems as other airlines, including the cost of fuel and demand going down," Baena said. "We're actually looking at several different strategies for reorganization. It's our intention to identify a bankruptcy exit strategy within the next 60 days."
Tradewinds has major operations in Puerto Rico and at Miami International Airport.
The airline already shut down 747 aircraft service, which prompted some layoffs, Baena said.
"Additional layoffs are not presently planned," he said.
