Arrow Air gets reprieve

Arrow Air gets reprieve

Cargo carrier Arrow Air received approval Thursday from a U.S. bankruptcy court to receive $750,000 of debtor-in-possession financing from its secured lenders, headed by Bank of America.

The money, along with other operating funds, is to be used to pay $756,000 in payroll due today as the Miami airline continues flying.

Arrow Air filed for Chapter 11 on Wednesday, less than two years after the airline, formerly called Fine Air, emerged from bankruptcy protection.

A hearing is scheduled for today regarding $2.25 million in additional funding that would allow the carrier to operate for up to 30 days while finalizing a deal with Amerijet's owner, H.I.G. Capital, to buy certain assets.