JW Acquisitions Snatches Up Bankrupt Cargo Airline

Law360, New York (September 23, 2010, 1:30 PM EDT) -- The small Florida cargo airline Arrow Air Inc., which fell into bankruptcy twice in the past decade, has been sold to an acquisitions company for $800,000.

On Wednesday, Judge A. Jay Cristol of the U.S. Bankruptcy Court for the Southern District of Florida approved the purchase, which stipulates that JW Acquisitions Inc. will also pay up to $100,000 of Arrow’s operating costs and other expenses incurred between Sept. 1 and the sale's closing.

A purchase agreement included in the order speaks of a "reorganized Arrow," but...
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