Southern Air does deal on debt swap

Southern Air Holdings has completed a debt-to-equity exchange that eliminates all of the company’s long-term debt, some US$90 million, enabling it to significantly enhance its strategic position and growth plans, the company said.


Southern Air does deal on debt swap


Southern Air Holdings has completed a debt-to-equity exchange that eliminates all of the company’s long-term debt, some US$90 million, enabling it to significantly enhance its strategic position and growth plans, the company said.

“The completion of this debt-forequity exchange sets a new stage for growth in our air cargo platforms,” said SAHI and Worldwide CEO Dan McHugh. “Southern Air now has a clean balance sheet and no long term debt. With positive cash flow, we are poised to grow our existing 777 and 737 programmes with global logistics leader DHL Express and other global customers, and in view of the closing of our acquisition of 767 carrier Florida West International Airways (Florida West), Worldwide is strengthening and expanding its highly reliable, cost efficient and customeroriented ACMI, CMI and other air cargo services.” Worldwide recently announced its plans to acquire Miami-based Florida West, a US all cargo carrier operating B767 aircraft.

Worldwide Air Logistics Group, Inc. is a leading provider of domestic and international ACMI and CMI air cargo services through its separate operating subsidiaries, Southern Air Inc. (operating B777F and B737-400 aircraft) and, subject to regulatory approvals and closing of its acquisition, Florida West International Airways, Inc. (operating B767-300 aircraft).