The owners of Dynamic International Airways LLC have agreed to loan their charter airline another $2.5 million as the company prepares to file a chapter 11 plan, the Wall Street Journal reported today. The loan, which must be approved by a judge, would be provided by lender Solitude Strategies LLC, a company co-owned by Kenneth Woolley and Paul Kraus who acquired the charter airline in 2013, according to papers filed on Monday in the U.S. Bankruptcy Court in Greensboro N.C. Dynamic canceled two flight contracts earlier this month, prompting the need for additional financing, the company said in court papers. Dynamic is seeking authority to immediately draw as much as $1.5 million, with an option to draw another $1 million in December, if necessary. The company also said in court papers that it expects to file a chapter 11 plan by Friday and a disclosure statement describing the terms of the plan next week. The company said it has faced challenges recently because some of its aircraft have been grounded, though it anticipates they will return to service in the next two weeks.
