Dynamic Int'l Airways secures a loan from its owners

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Dynamic Int'l Airways secures a loan from its owners

Unread post by bimjim » Sun Nov 12, 2017

https://www.ch-aviation.com/portal/news ... its-owners

Dynamic Int'l Airways secures a loan from its owners
12 November, 2017

Dynamic International Airways (2D, Greensboro) has secured a USD2.5 million loan from Solitude Strategies LLC, a company belonging to the owners of the charter airline, the Wall Street Journal reported.

Solitude Strategies LLC is owned by Kenneth Woolley and Paul Kraus, who since 2013 have also owned Dynamic Int'l Airways.

The airline has been under US Chapter 11 protection since July 2017. The new loan is intended to help Dynamic Int'l Airways emerge from the bankruptcy proceedings. According to a court filing, the lender also expressed willingness to provide post-bankruptcy funding to the airline.

USD1.5 million has already been made available to the company, while the remaining USD1 million will be made available in December, local Winston-Salem Journal reported. According to the newspaper, Dynamic Int'l Airways has already received USD3.81 million in loans from its owners since the bankruptcy protection filing in July 2017.

The airline has chosen to voluntarily file for Chapter 11 protection due to a lost court case against Air India (AI, Mumbai Int'l). The American airline owes USD10.5 million to the Indian carrier for an unfulfilled Hajj services contracted in 2013 and 2014. Dynamic Int'l Airways challenged this judgement.

Since filing for protection in July, the carrier has eliminated 60 out of 192 jobs, Winston-Salem Journal reports. On October 1, the airline has cancelled its last scheduled operations from New York JFK-Georgetown Cheddi Jagan, Guyana, effectively transforming into a charter and ACMI only carrier. It currently operates two B767s with further three stored.

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