March 15, 2013
Southern Air’s Plan of Reorganization confirmed by bankruptcy court
Southern Air has received confirmation of its “pre-arranged” Plan of Reorganization (Plan) from the U.S. Bankruptcy Court in Wilmington, Delaware, which has been overseeing the Company’s Chapter 11 proceedings following its voluntary filing on September 28, 2012. The Plan received substantial support from key secured creditors as well as unsecured creditors. The confirmation clears the way for Southern Air to emerge from its court-supervised financial restructuring as expected, within the next few weeks.