Gulfstream Enters Chapter 11

 - November 30, 2010, 7:06 AM

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.