Southern Air Holdings Inc., an air-cargo company that transported troops into Afghanistan, won court permission to exit bankruptcy under the control of a group of lenders led by Canadian Imperial Bank of Commerce, Bloomberg News reported yesterday. Bankruptcy Judge Christopher Sontchi approved the company's reorganization plan yesterday, less than six months after seeking court protection from creditors. Its former owner, Oak Hill Capital Partners LP, will retain 17.5 percent of the company and appoint one person to the new, five-member board, Southern Air attorney Brian Rosen of Weil Gotshal & Manges LLP said after the hearing.
