Phoenix USA-based carrier Swift Air LLC said it has signed a definitive plan funding term sheet with Nimbos LLC that provides for a substantial capital infusion and paves the way for the company to emerge from chapter 11 by late September concluding its thirteen month reorganisation.
The company has filed a motion with the bankruptcy court for approval of USD 1.4 m in additional funding by Nimbos as part of the steps to emerge from Chapter 11.
Swift Air is an air carrier has been best known for its operations transporting presidential candidates such as Senator John McCain, professional sports teams, and the music acts.
Dealt a significant blow from the NBA lockout in the 2011-12 season, followed shortly thereafter by the NHL lockout in the 2012-13 season, Swift filed for bankruptcy in June of 2012 and has explored multiple exit strategies, before entering into this new arrangement with Nimbos.
The company said it has renewed its commitment to its sports charter line of business and is looking forward to the start of the NHL and NBA seasons, which will be the first uninterrupted seasons for these leagues in the past two years.
Swift Air operates a fleet comprised of Boeing 737 and Boeing (NYSE: BA) 767 passenger aircraft.
Find out more at www.flyswiftair.com.