Touching Bases: Key Ais Recapitalizes Debt

Charter/management and FBO company Key Air completed an arrangement in December to recapitalize its debt. According to Key Air, “The principal equity investors (led by Rizvi Traverse Management) recently acquired all of Key Air’s debt in a recapitalization transaction.” This transaction will allow Key Air “to restructure its balance sheet with no disruption to the business and will provide additional working capital to enable Key Air to execute its growth strategy in 2010 and beyond,” the company stated. Last year, Key Air added 12 managed aircraft to its charter certificate and added hangars and client support at Van Nuys Airport in Southern California.