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Primaris Airlines Announces the Completion of its Stock Purchase Agreement and its Reorganization Plan |
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Primaris Airlines, one of the few large aircraft executive and high-density charter airlines left in the U.S., announces its sale of seventy-percent of its preferred and outstanding stock to CorpoPetrol Global Energy Development, LLC (CP) a diversified, U.S. based energy company. As part of this process and due to the global credit market crisis, Primaris filed for protection under Chapter 11 of the bankruptcy code to allow CorpoPetrol to finalize the financing package. |
"We are excited to have CorpoPetrol as our long-term partner," said Mark G. Morris, CEO of Primaris. He further stated, "that to have such a strategic partner, one who not only provides sufficient financing, but who will also supply to Primaris its primary raw ingredient, fuel, will allow Primaris to remain a strong entity well into the future.
"Primaris is a very strategic and important piece of the CorpoPetrol family," commented Giancarlo Jasbon, CEO of CorpoPetrol. Mr. Jasbon continues to state, "CorpoPetrol being an alternative and traditional fuel company can supply Primaris its most important ingredient at the lowest cost available world-wide."
Primaris has operated a successful long-haul charter service for five years, but was affected more than most by the dramatic spike in fuel prices. Among its significant customers has been the White House press corps. The rich experience of its management and the operational integrity of the airline have made Primaris an attractive merger partner.
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