Western Global Airlines Inc. has won court approval for a bankruptcy reorganization plan that cuts its debt load by about $465 million.
The cargo airline’s Chapter 11 plan, approved by Judge Karen B. Owens of the US Bankruptcy Court for the District of Delaware, allows the reorganized company to exit bankruptcy with less than $100 million of funded debt.
The company took a financial hit as demand in the air cargo market softened in late 2022 because of the weakened global economy and increased competition from passenger aircraft, according to court records.
The airline’s plan won support from all classes ...
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