5-Nov-2010 8:00 AM

Gulfstream files for bankruptcy on 04-Nov-2010

Gulfstream International Group filed for voluntary Chapter 11 bankruptcy on 04-Nov-2010 to cope with the carrier’s debt and rising fuel costs (Reuters/South Florida Business Journal, 04-Nov-2010). Gulfstream stated the bankruptcy filing would not affect its 150 daily services nor its 600 employees and that it will honour all tickets and reservations. The carrier plans to use the bankruptcy to clear the way for a fresh capital infusion while arranging a USD5 million debtor-in-possession loan to fund its operations while in bankruptcy.

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