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Gemini Air Cargo files Chapter 11, again
Gemini Air Cargo filed for Chapter 11 bankruptcy protection Wednesday for the second time in two years.

The Dulles, Virginia-based company -- which has offices in Miami, Brussels and Ostende, Belgium -- provides airport-to-airport service to the air freight community and airline customers, primarily under renewable long-term contracts. It filed for Chapter 11 in spring 2006 and emerged that same August, having reached an agreement with Miami-based Bayside Capital, its largest lender. Bayside agreed to exchange its secured loans for a combination of new debt and majority ownership of the reorganized company.

Gemini filed its recent Chapter 11 in the U.S. Bankruptcy Court of the Southern District of Florida and is represented by South Florida law firm Berger Singerman. Filing attorney Paul Singerman could not be immediately reached for comment.

The company listed between 1,000 and 5,000 creditors, $100 to $500 million in assets and the same range in liabilities. Creditors include MTU Maintenance of Hannover, Germany, which is owed $3.6 million; Defence Financing and Accounting in San Antonio, Texas, which is owed $1.7 million and KLM of Amsterdam, which is owed $1.2 million.

Affiliates Gemini Cargo Logistics, Gemini Leasing Holdings, Gemini Leasing also sought bankruptcy protection.

(South Florida Business Journal vom 19.06.2008)