Western Global Airlines explores alternatives after CEO buys outstanding loans

By Wendy Van Sickle

Columbus, Ohio, July 19 – Western Global Airlines Inc. (WGA) said it is working with advisers to explore value-maximizing alternatives and take steps necessary to address its financial position, according to a news release Wednesday.

On June 29, founder and chief executive officer Jim Neff purchased the outstanding loans held by the company’s senior secured lenders in a competitive process independently conducted by the lenders.

The company said it continues to believe that maintaining its operations and infrastructure is in the best interests of all stakeholders.

“After 10 years of profitable operations and successful growth, the company is currently navigating financial challenges driven by unforeseen industry-wide factors, including the conflict in the Ukraine, the weakened global economy and particularly air cargo demand, spiraling costs and the recurrence of Covid-19 pandemic in China, which disproportionately impacted WGA and its customers,” the company statement said.

The cargo airline is based in Estero, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.