Some specifics on the numbers.....
Southern Air posted a revenue of about $428.2 million and a net loss of $159.8 million for the year ended July 31. The company had assets of about $206.9 million and liabilities of about $486.5 million as of that date.
The Connecticut-based company, which operates a fleet of 11 Boeing Co (BA.N) aircraft, has about 611 full-time employees, according to its Chapter 11 petition.
Global Aviation Holdings Inc, the largest commercial provider of chartered flights for the U.S. military, in February filed for Chapter 11 protection due to U.S. pullout from Iraq and defense spending cuts.
Southern Air, which was started in 1947, is majority owned by private equity firm Oak Hill Capital Partners II L.P.
Oak Hill has also agreed to provide the company with $25 million debtor-in-possession financing.
Parent Southern Air Holdings and several other entities were also part of Friday's Chapter 11 bankruptcy protection filling.
The case is In Re: Southern Air Inc, Case No. 12-12690, U.S. Bankruptcy Court, District of Delaware.