SUSPENDED: GLO has filed for Chapter 11 bankruptcy.
Little Rock is losing its GLO Airlines flights to New Orleans, and to Destin scheduled to resume in May, as the startup company has filed for bankruptcy, Arkansas Business reports today.
[See UPDATE at end of post.]
The company, founded by Trey Fayard, who has now canceled a talk he was to give to the Little Rock Rotary Club this week, filed for Chapter 11 reorganization, listing its debts as between $10 million and $50 million and its assets the same.
According to AB, Bill and Hillary Clinton Airport spokesman Shane Carter said Glo told the airport late last week that "operational changes" would temporarily halt Glo flights from April 28 to the beginning of May.
A story in al.com
quotes Fayard as saying the company is taking the step "because we value our customers too much to provide inferior service."
"It was a difficult decision, but a necessary one to protect everyone involved," he said. "We look forward to promptly and successfully emerging from reorganization in the near future."
: After a day in federal court, GLO now says it will continue operations and anticipates no flight interruptions.