Financial Turbulence: North Carolina Airline Files for Bankruptcy

Ash Jurberg

North Carolina's Skies Darken as Airline Files for Bankruptcy Protection

The IAero group, an airline based in North Carolina, has filed for Chapter 11 bankruptcy this week. The business was formerly known as Swift Air before becoming IAero in 2019.

IAero Airways operates a fleet of 39 Boeing 737s and one 767 and is the US's largest B2B passenger charter and cargo air carrier. It has 860 employees across North Carolina and Florida.

"Our customers remain ,our top priority and they can continue to depend on us for the same safe, reliable travel and high-quality service they know and expect from us. After careful consideration, our board determined it was necessary to take this step now to address our financial strength and restructure certain of our contractual relationships and legacy balance sheet liabilities.” Timothy Rainey, president of iAero Airways

The filing has allowed the business to secure approximately $22.5 million in financing and will hopefully allow the business to continue operations while providing employees with their wages and health care.

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