National Air Cargo looks set to emerge from Chapter 11 bankruptcy protection.
In filings to a bankruptcy court this month, it has said it could find up to $12m, with $5.4m already sourced for the ‘initial global payment’, in a plan that has been accepted by a majority of creditors.
Some $4m will be funded by insurance proceeds, with National Union expected to pay the airline $3.5m last week and Allied World …
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Source: The Loadstar