Release Date: 16 August 2006
Release ID: 667
Gemini Air Cargo, Inc. ("Gemini" or the "Company") announced today that it has successfully emerged from Chapter 11 after having its Plan of Reorganization confirmed by the Bankruptcy Court on July 20, 2006. Under the terms of the restructuring, Gemini's largest pre-petition lender, Bayside Capital ("Bayside"), agreed to exchange its secured loans for a combination of new indebtedness and majority ownership of the reorganized company. The exchange greatly strengthens Gemini's balance sheet and positions the Company for strong growth. Bayside has also agreed to provide the Company with an emergence credit facility to ensure Gemini has significant liquidity to achieve its growth plan going forward.
Sam Woodward, Chairman, President and Chief Executive Officer of Gemini, commented, "We are very pleased to have emerged from Chapter 11 in only four months. Through the bankruptcy process, Gemini was able to eliminate approximately $50 million of debt and realign its balance sheet, greatly improving the Company's competitive position. The entire team is energized and looking forward to continuing our growth. Gemini is excited to have a strong financial partner in Bayside. Their support, combined with the Company's operational excellence, strong management, and great brand and reputation, enhance our ability to offer a high level of service to our customers."
John Bolduc, Managing Director of Bayside Capital, commented, "We look forward to supporting Gemini and its management team to grow the business together. We are confident that this support will further enhance the Company's industry leadership."
Gemini is an air cargo carrier that provides high quality, worldwide airport-to-airport service to the air freight community and airline customers, primarily under renewable long-term contracts. Gemini supplies its customers with aircraft, crew, maintenance and insurance on a fee-per-block-hour basis. Gemini participates in international and domestic scheduled service and charter markets contracting with international air carriers, airfreight forwarders, shippers and the U.S. Air Mobility Command.
Bayside Capital is a private investment firm which actively invests in the debt and equity of middle market companies that can benefit from operational enhancements, improved access to capital, or balance sheet realignments. Bayside has the experience and resources to help companies quickly resume growth initiatives and improve their strategic position. Bayside Capital is an affiliate of H.I.G. Capital ("H.I.G."), a leading private equity investment firm specializing in acquisitions and recapitalizations of middle market businesses and venture capital investments. Based in Miami, Florida, and with offices in Atlanta, Boston, and San Francisco, the firm is one of the most active private equity investors in small and medium-sized companies. H.I.G. has committed equity capital in excess of $3 billion to support its investment activities. H.I.G. and affiliated funds have invested in over 50 companies with combined revenues of over $5 billion.
© The Adora Group Limited 2017 - Publishers of Freightnet