Phoenix-based charter carrier Swift Air is preparing to emerge from Chapter 11 bankruptcy, after signing a plan funding term sheet with NIMBOS LLC to provide $1.4 million in funding for its newly reorganized air carrier operations.
Swift Air filed for bankruptcy in June 2012 after losing a significant portion of its business from the NBA and NHL lockouts that occurred between 2011 and 2012, removing several of the teams it transports from its annual contract agreements. Since 1997, the FAR-121 carrier has transported lawmakers, musicians and sports teams on its fleet of VIP-configured Boeing
737 and 767 passenger jets.
Jeff Conry, president and CEO of Swift Air, said NIMBOS agrees with his "strategic plans going forward."
"We recognize the potential of Swift Air. We have identified several markets broadly underserved and we believe Swift can grow in these areas," said Ken Woolley, president of NIMBOS.
Woolley wants the company to broaden its base of business with expansion into new VIP transport opportunities.
According to a statement, Swift Air expects to exit Chapter 11 protection by late September.
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