BBG: Cargo airline Western Global goes bankrupt

Western Global Airlines filed for bankruptcy protection with plans to slash its debt load after the cargo airline faced a cash crunch.

The airline listed assets of as much as $500 million and debt of as much as $1 billion in a Chapter 11 petition filed in Delaware. The filing allows Western Global to keep operating while it seeks court approval of a restructuring plan that will ease its debt burden by more than $450 million, according to a statement.

Western Global, based in Estero, Florida, provides air cargo services to airlines, logistics companies and the US military…

The full post is here.