Gulfstream Enters Chapter 11
Gulfstream International Group, the parent company of Fort Lauderdale, Fla.-based Gulfstream International Airlines, entered Chapter 11 bankruptcy protection last month in an effort to restructure its debt and secure long-term financing. Gulfstream said it has arranged for up to $5 million in debtor-in-possession (DIP) financing from Chicago-based Victory Park Capital Advisors and that it anticipates no effect on its flight schedules.
Along with the DIP financing, the U.S. Bankruptcy Court for the Southern District of Florida has approved Gulfstream’s request to pay all of its some 600 employees any pre-petition wages and continue all wage and benefit programs. The company said it does not anticipate any layoffs directly related to the filing.
Gulfstream operates some 150 daily flights with its 23 nineteen-seat Beech 1900D turboprops to 18 destinations in Florida and the Bahamas and six destinations from Cleveland under the DOT’s Essential Air Service program.