A top unsecured creditor of bankrupt Dynamic International Airways LLC is attempting to force the High Point charter airline into liquidating its assets, the Winston-Salem (N.C.) Journal reported today. Dynamic, which specializes in low-cost international service to the public, filed for chapter 11 protection on July 19. It is not clear how many employees Dynamic has. The bare-bones filing in U.S. Bankruptcy Court for the Middle District of N.C. came about seven weeks after Dynamic lost a legal fight in U.S. District Court for the Middle District. Since declaring bankruptcy, the airline has continued normal operations through funding from a credit facility. PMC Aviation LLC is owed $1.19 million, representing an arbitration judgment reached in April that Dynamic disputes. Dynamic says that its filing was prompted by recent arbitration judgments against the company that it is challenging under the International Commercial Arbitration Act. PMC claims in its motion for liquidation that Dynamic “is suffering from millions of dollars of continuing losses. ... The debtor has been grossly mismanaged.”
