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Fri, Dec 19, 2003

Gemini Air Cargo Restructures

Finalizes New Financing

Gemini Air Cargosays it's wrapped up new financing and corporate restructuring with its bank group, aircraft lessors, maintenance provider and equity holders. The terms of the restructuring include the forgiveness of bank term debt, the adjustment of aircraft lease and maintenance rates to reflect current market conditions, the return of certain leased aircraft and the infusion of cash by the Company's majority stockholder, The Carlyle Group.

Tom Corcoran, the Company's president and chief executive officer, said, "The employees of Gemini have worked extremely long and hard over the past 18 months to close this restructuring. Gemini and its key creditors and owners have come together to recapitalize the Company so that Gemini can continue to provide its customers a high quality product at low cost. With the restructuring complete, the Company is now poised to carry out its corporate strategy that includes growing its modern MD-11 fleet. We believe the Company is positioned to benefit from an improving global economy and we are eager to continue our quality service as a premiere ACMI (Aircraft, Crew, Maintenance and Insurance) provider."

FMI: www.gac-cargo.com

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