Oak Hill Fronts $55M To Air Cargo Unit For Fleet Upgrades

Law360, New York (October 7, 2011, 4:30 PM EDT) -- Oak Hill Capital Partners LP said Friday it would pump $55 million into Southern Air Holdings Inc., a cargo carrier purchased by the New York private equity firm in 2007, in order to modernize its fleet.

The new capital also aided the Norwalk, Conn.-based Southern Air in renegotiating its credit by extending the maturity of its long-term debt to 2015, Oak Hill said.

Southern Air CEO Daniel McHugh, who replaced the company’s retiring CEO James K. Neff in December, said the money will allow the carrier...
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