Dynamic International Airways LLC, a low-cost international charter airline based in High Point, has filed for chapter 11 protection, News and Record (Greensboro, N.C.) reported on Friday. According to Dynamic, the filing was prompted by recent arbitration judgments against the company. The bare-bones filing in the U.S. Bankruptcy Court for the Middle District of North Carolina comes about seven weeks after Dynamic lost a legal fight in the U.S. District Court for the Middle District. In its filing, Dynamic lists between 200 and 999 creditors, assets between $10 million and $50 million and liabilities between $50 million and $100 million. The company projects that money will be available for distribution to unsecured creditors. The airline plans to continue normal operations and has arranged for a credit facility to fund its operations while it attempts to reorganize out of bankruptcy. It is not clear how many employees Dynamic has.
