No surprise Direct Air files Chapter 11 bankruptcy

[JennSaint]

http://www.telegram.com/article/20120316/NEWS/120319672#.T2N0oJFhLZl.facebook

 

[Geoff_M]

I'm shocked!

 

[DebbieB]

WORCESTER — Direct Air, the charter airline that suspended service this week, filed yesterday for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Worcester. Southern Sky Air and Tour LLC, doing business as Direct Air, said it had assets of between $500,000 and $1 million and liabilities between $10 million and $50 million.

I'm surprised it's Chapter 11 and not Chapter 7. They really think they can reorganize? That's alot of liabilities.

 

[Lewisc]

Probably took a couple of days to scrape up the money to pay an attorney to draw up the bankruptcy filing.