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Southern Air seeks bankruptcy protection

Air

Monday, October 01, 2012

U.S. cargo airline Southern Air said Friday it has filed for protection under Chapter 11 of the federal bankruptcy laws, citing “economic challenges and extreme industry changes that have impacted the international freight market, including major cutbacks in spending by the U.S. Department of Defense.” It said it had reach a deal with its lenders to restructure its balance sheet and significantly reduce by more than two-thirds its approximately $285 million of legacy debt. &n...

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