Western Global Airlines has filed for bankruptcy with a plan to cut its debt after the employee-owned cargo carrier faltered because of headwinds including the weakening global economy and higher costs.
The Estero, Fla.-based company filed for chapter 11 Monday in the U.S. Bankruptcy Court in Wilmington, Del., and said it has a proposed restructuring deal in hand with holders of 85% of its 2025 senior unsecured notes that includes cutting its debt by $450 million. The company’s liabilities include $560 million in loans, a…
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