Gulfstream Airlines Touches Down In Ch. 11

Law360, New York (November 4, 2010, 5:53 PM EDT) -- Regional air carrier Gulfstream International Airlines Inc. sought Chapter 11 protection Thursday, saying the filing was geared toward restructuring debt and that passengers and flights would not be affected.

Gulfstream and some affiliates filed the petitions in the U.S. Bankruptcy Court for the Southern District of Florida. Gulfstream listed assets and liabilities of between $10 million and $50 million, and the company said it had arranged for $5 million of debtor-in-possession financing from Victory Park Capital Advisors.

Gulfstream, which is based in Fort Lauderdale, Fla., and...
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