Cargo Airline Western Global Goes Bankrupt Amid Cash Crunch

Western Global Airlinesfiled for bankruptcy protection after burning through cash.

The commercial airline listed assets of as much as $500 million and debt of as much as $1 billion in a Chapter 11 petition filed in Delaware. The filing allows Western Global to keep operating while it seeks court approval of a restructuring plan.

Western Global, based in Estero, Florida, provides air cargo services to airlines, logistics companies and the US military. The closely held company struck a deal with creditors to restructure its debt via bankruptcy in late July, Bloomberg reported.

In June, founder and Chief Executive ...