Sky King Secures Financing
LAKELAND, Fla. -- February 7, 2013
Sky King, Inc. announced today the successful negotiation of Debtor in
Possession financing and intends to seek immediate court approval. The private
investment consortium providing the financing is represented by Dr. Daniel
Carson, an experienced aviation executive and entrepreneur. Sky King and the
investment group have not announced plans for the company but are certain the
airline will put forth a formal plan of reorganization in the near future. Sky
King’s President, Frank Visconti stated: “This is simply the next step in the
long process of restructuring and preparing the Company for the future. We are
proud of the work we have done and are excited to welcome Dr. Carson and his
associates into the process as they bring not only capital but equally
important expansion opportunities in new markets."
Sky King began operating in 1995 under FAR Part 125 and in 2002, the Company
was granted Part 121 operating authority by the Federal Aviation
Administration. Operating a fleet of Boeing 737 aircraft, the Company serves
the Tour Operator, Private Charter and Public Charter markets, serving
numerous Casino operators, sports franchises and scheduled flight service
providers. One specific market served by Sky King involves over 150 flights
per month between the US and Cuba on behalf of several US Treasury Department
licensed service providers. Sky King filed for Chapter 11 Bankruptcy
protection on August 31^st, 2012 after two of Sky King’s largest clients in
2011 and 2012 ceased operations with substantial, unpaid debt to Sky King;
these were among several factors ultimately contributing to the Company’s
decision to seek Chapter 11 reorganization protection.
Sky King, Inc.
Diane Haworth, 863-709-0007, Ext. 160
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