newstodate.aero
Mar 22, 2019 (newstodate): The Swedish/UK cargo carrier West Atlantic may see its financial situation secured with the injection of fresh Spanish capital.
The West Atlantic Group has long been struggling with operating losses and financial problems forcing it to seek special arrangements for creditors to defer payments on its loan obligations.
Now talks are being conducted with LUSAT, a holding company owning SWIFTAIR and AVIATION LEASING SPAIN, over the terms for a refinancing of the Group.
LUSAT has made an offer to the shareholders of the company and the bondholders as regards the repayment of the Bonds.
The Offer includes several different features such as an equity injection in the company and pre-agreed assets to be allocated to the bondholders.
If talks end conclusively and are confirmed by the current stakeholders, the Spanish company will effectively take over West Atlantic.
In the fleet of West Atlantic are four Boeing 767-200, 29 BAe ATP, and two CRJ-200 cargo aircraft, while West Atlantic UK operates a fleet of six Boeing 737-300, 14 Boeing 737-400, and four Boeing 737-800 freighter aircraft.
The West Atlantic Group has long been struggling with operating losses and financial problems forcing it to seek special arrangements for creditors to defer payments on its loan obligations.
Now talks are being conducted with LUSAT, a holding company owning SWIFTAIR and AVIATION LEASING SPAIN, over the terms for a refinancing of the Group.
LUSAT has made an offer to the shareholders of the company and the bondholders as regards the repayment of the Bonds.
The Offer includes several different features such as an equity injection in the company and pre-agreed assets to be allocated to the bondholders.
If talks end conclusively and are confirmed by the current stakeholders, the Spanish company will effectively take over West Atlantic.
In the fleet of West Atlantic are four Boeing 767-200, 29 BAe ATP, and two CRJ-200 cargo aircraft, while West Atlantic UK operates a fleet of six Boeing 737-300, 14 Boeing 737-400, and four Boeing 737-800 freighter aircraft.