Ryan International Airlines Touches Down In Ch. 11

Law360, New York (March 7, 2012, 5:35 PM EST) -- Ryan International Airlines Inc. filed for Chapter 11 bankruptcy Tuesday in Illinois, saying its core business — airlift services to the U.S. military — had taken a nosedive amid decreased government spending on troop flight contracts.

Ryan held assets of $48.6 million and debts of $79.2 million as of Dec. 31, the company said in a petition. The Rockford, Ill.-based company said it operates a fleet of about 18 aircraft and has 468 employees.

It said it participated heavily in the U.S. Department of Defense’s Civilian...
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