New Chapter 11 Filing - Dynamic International Airways LLC

7/19/17 Recap: North Carolina based "aviation enterprise" that services transportation between, among other places, JFK International Airport and so-called secondary cities like Nanjing China, filed for bankruptcy. The company is allegedly approved to fly to more Chinese cities than any other US-based carrier. Not too shabby for an "aviation enterprise" that, when described like that, sounds like it should be piloted by Pablo Escobar. The company pegs operational challenges including rapid management turnover as one cause of bankruptcy. Another is a series of lawsuits. Aside from a $6mm security interest, the capital structure consists of "unsecured debt" which sounds suspiciously like equity held primarily among the two principals, one of whom is providing a $6mm DIP.
Jurisdiction: MD of North Carolina
Capital Structure: $6mm secured debt
Company Professionals:
- Legal: Garman Turner Gordon LLP (Gerald Gordon) & (local) Bell Davis & Pitt (Daniel Bruton)
- Financial Advisor: MJAC LLC d/b/a Allison Consulting