Gulfstream Airlines Files for Chapter 11

Gulfstream International Group, (AMEX: GIA) the parent company of Gulfstream Airlines filed for Chapter 11 to restructure its debt and secure long term financing. The Fort Lauderdale based airline operates 23 Beech 1900 Airliners and has 239 active pilots. Furloughed pilots are currently being recalled. Gulfstream has asked the bankruptcy court to allow it to continue to pay it's employees during the restructure. Their are no planned layoffs as a direct result of the filing.