Southern Air wins approval to exit bankruptcy

NORWALK -- Southern Air Holdings, an air- cargo company that transported troops into Afghanistan, won court permission to exit bankruptcy under the control of a group of lenders lead by Canadian Imperial Bank of Commerce. Southern Air is based in Norwalk, but announced recently it would be moving its headquarters to Cincinnati. U.S. Bankruptcy Judge Christopher Sontchi approved the company's reorganization plan this week, less than six months after seeking court protection from creditors. Its former owner, Oak Hill Capital Partners, will retain 17.5 percent of the company and appoint one person to the new, five-member board, Southern Air attorney Brian Rosen, with Weil Gotshal & Manges LLP, said after the hearing. Read the rest at http://www.thehour.com/business/southern-air-wins-approval-to-exit-bankruptcy/article_19a72f25-94db-537c-8243-35b10f258337.html