atrude777
Posts: 4258
Joined: Wed Aug 13, 2003 11:23 pm

Ryan International Files For CH 11 BK Protection

Wed Mar 07, 2012 5:06 am

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.


http://www.wrex.com/story/17097072/r...ne-files-for-bankruptcy-protection

Best of Luck to the remaining Employees there! Not a good time for the airlines especially those involved with the Troop Transports...

Alex

[Edited 2012-03-06 21:14:39]
Good things come to those who wait, better things come to those who go AFTER it!
 
jetblueguy22
Posts: 2541
Joined: Thu Nov 29, 2007 12:26 am

RE: Ryan International Files For CH 11 BK Protection

Wed Mar 07, 2012 5:10 am

Not much of a surprise with the drawdown in Iraq. Hopefully they can restructure and survive. Just shows though how you can't throw all your eggs in one basket.
Blue
Look at sweatpants guy. This is a 90 million dollar aircraft, not a Tallahassee strip club
 
KarlB737
Posts: 2635
Joined: Sat Mar 20, 2004 9:51 pm

RE: Ryan International Files For CH 11 BK Protection

Wed Mar 07, 2012 10:28 pm

More On The Story:

Courtesy: Rockford Register Star

Ryan International Airlines Seeks Bankruptcy Protection

http://www.rrstar.com/blogs/brianlea...rlines-seeks-bankruptcy-protection
 
KarlB737
Posts: 2635
Joined: Sat Mar 20, 2004 9:51 pm

RE: Ryan International Files For CH 11 BK Protection

Fri Mar 09, 2012 8:54 pm

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.”

http://business-news.thestreet.com/r...flying-during-chapter-11-process/1