FOR IMMEDIATE RELEASE
FINE AIR EXECUTES DEBT RESTRUCTURING AGREEMENT
Miami, Florida, June 30, 2000 - Fine Air Services Corp. reported that
it had executed a restructuring agreement with the holders of its 9-7/8% Senior
Notes due 2008 and is currently in full compliance with the terms of the
indenture governing the notes. The Company also announced that it has received a
commitment for a $10.2 million finance lease facility to finance the purchase of
hushkits for four of its aircraft. The facility currently is being documented
and is expected to close during July.
Barry Fine, Fine Air's President and Chief Executive Officer, commented
that "[w]e are pleased to have reached an agreement with our bondholders that
allows us to be in full compliance with the terms of our senior debt. This
allows us the financial flexibility to expand our scheduled cargo services to
serve every major destination in Latin America and the Caribbean."
Fine Air Services Corp. is a leading provider of air cargo services
between the United States and South and Central America and the Caribbean. The
Company provides scheduled cargo services through its Miami International
Airport hub linking North America, Europe, Asia and the Pacific Rim with 25
South and Central American and Caribbean cities. The Company's customers include
international and domestic freight forwarders, integrated carriers, passenger
and cargo airlines, major shippers and the United States Postal Service.
Contact:
Barry H. Fine, President
Orlando Machado, Chief Financial Officer
(305) 871-6606
