Cargo Carrier Southern Air Touches Down In Ch. 11

Law360, Wilmington (September 28, 2012, 2:33 PM EDT) -- Hampered by U.S. military cutbacks, private equity-owned cargo airline Southern Air Inc. landed in Delaware bankruptcy court Friday with a deal in hand to right its balance sheet by reorganizing under the control of secured lenders.

The Norwalk, Conn.-based company, which was acquired by Oak Hill Capital Partners in 2007, listed assets of $207 million against $486 million of debt in documents supporting its Chapter 11 petition.

“The actions we are taking will dramatically change and improve our capital structure, eliminating the substantial cost burden of...
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