Good Week  

Gemini Air Cargo, which has emerged from Chapter 11 bankruptcy protection after four months, having eliminated around $50 million of debt, following the approval of its reorganisation plan by the bankruptcy court. Part of the plan involves the company's largest creditor agreeing to exchange its loans for a combination of new debt and majority ownership of the company.


Pemco Aviation. Despite posting a healthy second-quarter profit, the maintenance company has breached a loan covenant that could result in creditors recalling its entire debt, as its $445,000 pre-tax income is short of the $1 million required. Lenders have also refused to extend Pemco's credit. "Our lenders may request payment of all debts outstanding at any time, but the company is involved in working with our lenders on a waiver and an extension of the maturity date," it says.

Bad week 

"The queues for security have wound all round the terminals like a bad dream at Disneyland."

Willie Walsh, British Airways chief executive, on the aftermath of last week's terrorist alert in the UK.




Source: Flight International