FINE AIR FILES PLAN FOR BANKRUPTCY REORGANIZATION

FINE AIR FILES PLAN FOR BANKRUPTCY REORGANIZATION

      Fine Air Services Corp., an air cargo carrier based in Miami, has filed a plan of reorganization with the U.S. Bankruptcy Court for the Southern District of Florida.

   “We are hopeful that the court will confirm the plan by July, and look forward to emerging from Chapter 11” protection under the U.S. Bankruptcy Act, said Barry H. Fine, president of Fine Air.

   Under the proposed terms of reorganization, the Bank of America would continue financing for Fine Air; a payment plan would be created for creditors, and the company’s bonds would be converted to equity and performance notes.