TOWER AIR FILES FOR BANKRUPTCY
Tower Air Inc., a New York-based tourist charter airline and a significant cargo carrier between JFK International Airport and Miami, has filed for Chapter 11 bankruptcy protection.
Tower, which recently laid off close to 20 percent of its workers to cut costs, fell into debt as passenger traffic declined in its core tourist business.
Tower said it has secured an $18-million loan to keep its planes flying on their regular schedules while the airline negotiates a reorganization plan with its creditors.