Gulfstream airline sale saves 600 jobs
A Gulfstream Beech 1900D. (Photo at CLE by Angelo Ballachino)
Miami-based Gulfstream International Group’s Chapter 11 sale to a Chicago-based asset management firm means the company will keep flying, although regulatory approval of the sale is still required.
During a hearing last week, U.S. Bankruptcy Judge John K. Olson approved the sale to Victory Park Capital Advisors for about $30 million. The price includes $18.7 million for purchase of aircraft directly from a leasing company, Massachusetts-based Raytheon Co. Only $9 million was paid in consideration to the bankruptcy estate.
“The court was very mindful that Gulfstream currently provides essential air services for critical markets in Florida and Ohio, not to mention that it has 600 jobs,” said Brian Gart, bankruptcy attorney for Gulfstream.
Gart said an additional $2.3 million was included for payment of administrative claims and $5 million was included for working capital.
via bizjournals mobile: South Florida: Gulfstream airline sale saves 600 jobs.
