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Strategic restructuring accomplished in partnership and with the help of the corporate’s stakeholders
The corporate will proceed to serve clients with an up to date fleet
MIAMI, January 11, 2024 /PRNewswire/ — Amerijet Worldwide Airways, a number one supplier of worldwide air cargo companies, introduced in the present day that it has accomplished a profitable monetary and operational restructuring to enhance the corporate’s capital construction and help future operations. The consensual restructuring transaction contains (i) the return of the six B757 plane to the lessors, (ii) adjustments to our future obligations associated to the B767 fleet, and (iii) 55 million {dollars} an infusion of capital from its current lenders. Consistent with the restructuring are various strategic and operational initiatives, together with using an all-B767 fleet with a diminished variety of non-pilot members aligned with the right-sized fleet and present enterprise necessities.
“With this restructuring, Amerijet is now in a stronger operational and monetary place to serve our clients over the long run with the standard of service they’ve come to anticipate. The present air cargo atmosphere requires agility and disciplined operational excellence. This last motion will shield our place as the popular cargo provider in our markets,” he stated Joe Mozzali, chief government officer of Amerijet. “We’re happy to have been capable of full this restructuring with the help of our traders and lessors. Our capability to amicably full this transaction is a powerful sign of the power of our model, the dedication of our workers and the numerous alternatives forward for Amerijet. These strategic actions have strengthened the corporate’s monetary foundations , guaranteeing its common flight, and contracted flights will proceed to function as regular.” Amerijet continued to serve all of its current clients with a protected and dependable service. On-time efficiency on the finish of the December quarter was 94.8% for our contract enterprise, whereas our core deliberate companies phase achieved a completion issue of 97.5%, a 2% enchancment over final 12 months. We thank the complete Amerijet crew, together with our pilots, plane upkeep technicians and operations groups for delivering a powerful efficiency within the peak of the season. Regardless of the tough demand atmosphere, Amerijet’s December quarter 2023 air site visitors volumes in its core scheduled service phase elevated 8% in comparison with 2022 and three% in comparison with the tip of the December quarter for pandemic 12 months 2020. 8% development in volumes of scheduled companies was achieved with 10% fewer flight hours as Amerijet continues to implement its community optimization technique. These excessive ranges of service have fueled latest buyer wins, together with a brand new contract for 4 weekly frequencies between Bogotá and Miami in addition to a brand new multi-year contract for the transport of categorical and cargo volumes of the worldwide integrator Central America and Caribbean. Amerijet is represented on this case by Sidley Austin LLP as authorized advisor, FTI Consulting as monetary advisor and FTI Capital Advisors as funding banker.
About Amerjet
With 50 years of expertise within the air cargo trade, Amerijet operates a devoted fleet of freighters from its major hub in Miami Worldwide airport to locations throughout Caribbean, MexicoAmerica, Europeand Asia. The corporate gives roughly 450 million out there tonne kilometers (ATK) of freight capability all through its common area yearly. Amerijet’s portfolio of worldwide scheduled in addition to long-term and short-term contracted constitution companies gives seamless and clear transportation options for numerous shoppers in lots of industries. Extra details about Amerijet is offered at www.amerijet.com. SOURCE Amerijet Worldwide Airways
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