National files Ch.11

National Airlines affiliate, National Air Cargo (NAC), has filed a voluntary Chapter 11 petition with a US Bankruptcy Court.


National files Ch.11


National Airlines affiliate, National Air Cargo (NAC), has filed a voluntary Chapter 11 petition with a US Bankruptcy Court. The cargo specialist said the decision to file pertains to an October 2013 US district court judgment against NAC as a result of allegations by Global BTG in 2010 that NAC breached a Letter of Intent by failing to finance aircraft leases through Global. NAC continues to contendthere was no enforceable agreement and there was no breach and as such an appeal pending at the US Court of Appeals. Th e Chapter 11 filing will allow NAC to continue business without the immediate threat of Global’s judgment.