Court Endorses Company's Plan And Strategies For Reorganization

The U.S. Bankruptcy Court, District of Arizona has granted conditional approval to Swift Air of its proposed second amended disclosure statement and authorized the company to immediately begin the process of soliciting creditor acceptances of its proposed plan of reorganization.

The Bankruptcy Court has also scheduled a confirmation hearing with regard to the company's reorganization plan for September 30, 2013. In an important development, the Official Creditors' Committee in the company's chapter 11 reorganization case indicated its full support and endorsement of the company's plan and strategies for emergence from bankruptcy, anticipated to occur by mid-October.

In addition, the Bankruptcy Court authorized the company to secure additional Boeing 737 aircraft supporting the current VIP clientele as well as serving new customers with the planned diversification into the ACMI market.

Following the proceedings, Swift's CEO Jeff Conry said, "This is an important milestone in the company's continuing steps to emerge from chapter 11 in the very near future. We are gratified to have the support of our plan sponsor, Nimbos Holdings, as well as the Official Creditors' Committee. We will continue to work cooperatively with our key constituents to assure our plan is approved by the Court at the September 30th hearing, with a view toward emerging from bankruptcy protection in, or about, mid-October."

FMI: www.flyswiftair.com