SeaPort Airlines announced that it has filed its Plan for Reorganization and a related Disclosure Statement with the U.S. Bankruptcy Court for the District of Oregon.
Subject to confirmation of the Plan, SeaPort intends to emerge from Chapter 11 during the fourth quarter of 2016.
Through the restructuring process, SeaPort was able to achieve cost reductions that it believes will provide a solid platform for sustainable profitability. The Disclosure Statement filed today includes an overview of SeaPort’s business strategy that focuses on maintaining exceptional operational performance while leveraging the capabilities of the carrier’s fleet and distribution system. The airline is optimistic about its future as a regional air service provider in both the Mid-South and Pacific Northwest regions.
“SeaPort’s filing today is the result of hard work by our employee team that has transformed the company, changing SeaPort’s business processes, reducing costs, and achieving operational performance that puts us among the best in this business,” said SeaPort’s President, Tim Sieber. “These improvements provide a solid foundation on which to execute our new business plan that we believe provides us a viable and profitable future.”