Atrude777 From United States of America, joined Aug 2003, 5717 posts, RR: 51 Posted (3 years 7 months 6 days 11 hours ago) and read 4583 times:
My friend who was one of those that got furloughed at Ryan International informed me this evening that RYN had filed for CH 11 BK, and to expect a news release coming soon...
Here is the press release...
ROCKFORD (WREX) -
There are more problems for Rockford-based Ryan International Airlines.
According to an internal memo that we've gotten here at 13News, the company filed for Chapter 11 bankruptcy. Rubloff Development owns Ryan. The memo, from Rubloff President Mark Robinson, gives a couple of reasons: delays getting a new airplane into service and a drop in troop transport flights.
KarlB737 From United States of America, joined Mar 2004, 3245 posts, RR: 10
Reply 3, posted (3 years 7 months 3 days 20 hours ago) and read 3035 times:
An update regarding Ryan International Airlines:
Courtesy: Business Rockford
Ryan Still Flying During Chapter 11 Process
"The unrest in Egypt, where in January 2011 the Rockford-based airline arranged to buy a Boeing 777 from Egypt Air, prevented Ryan from securing delivery of the plane that could have qualified it for military contracts favoring more efficient wide-body jets, according to the filing."
"Ryan, which owes $7.5 million to 18 of its largest creditors, said in a Chapter 11 bankruptcy filing that less reimbursement to military air carriers and a move to wide-body aircraft for troop flights “led to a precarious cash flow crisis.”