Southern Air Holdings, parent of Southern Air, has emerged from US Chapter 11 bankruptcy protection and has completed its mandatory financial restructuring.

Southern Air CEO Daniel McHugh said, “We have emerged from this restructuring process with substantially less debt, significantly improved operations and resources and financial flexibility, as well as a well-capitalized global air cargo carrier. Today, we are well-positioned both financially and operationally to continue to build Southern Air for the long-term benefit of our customers, suppliers, business partners, crewmembers and employees.”

Southern Air entered Chapter 11 bankruptcy protection Sept. 28, 2012.

The question is what vendors got screwed .....and for how much.

And yet there are furloughs scheduled for May and June as well as rumors of losing a couple more -400s. Good times.

Most and a lot?