Swift Air Secures Funding From NIMBOS to Exit Bankruptcy
Swift Air said it has signed a definitive plan funding term sheet with NIMBOS that provides for a substantial capital infusion and paves the way for the company to emerge from chapter 11 by late September concluding its thirteen month reorganization. The company has filed a motion with the bankruptcy court for approval of $1.4 million in additional funding by NIMBOS as part of the steps to emerge from Chapter 11.
Swift Air said it has been best known for its 14 years of incident free operations, transporting presidential candidates like Senator John McCain, professional sports teams, and the world’s biggest music acts. Dealt a significant blow from the NBA lockout in the 2011-12 season, followed shortly thereafter by the NHL lockout in the 2012-13 season, Swift filed for bankruptcy in June of 2012 and has explored multiple exit strategies, before entering into this new arrangement with NIMBOS. The company has renewed its commitment to its sports charter line of business and is looking forward to the start of the NHL and NBA seasons, which will be the first uninterrupted seasons for these leagues in the past two years.
Swift Air, a duly certificated FAR-121 Air Carrier, operates a fleet comprised of Boeing 737 and Boeing 767 passenger aircraft. Jeff Conry, Swift Air president and CEO stated, “We are pleased with the continuing support from NIMBOS and that they agree with our strategic plans going forward.”
Ken Woolley, president and chairman of NIMBOS, said “Swift’s management team comprises a group of seasoned professionals with expertise in both passenger and cargo operations.” Woolley continued, “The focus of the company going forward will be to maximize our relationship with each of our customers, broaden our scope of business with diversification into a broader base of business, while still delivering the high end, custom crafted delivery Swift Air has provided for sixteen years. We recognize the potential of Swift Air. We have identified several markets broadly underserved and we believe Swift can grow in these areas. I look forward to working with the company on an enhanced Plan of Reorganization.”