Gemini Air Cargo has filed for Chapter 11 bankruptcy protection, but plans to continue operating through the restructuring process.

In a letter to employees obtained by Flight’s premium news service Air Transport Intelligence, Gemini management says the decision to file for bankruptcy was driven by “record-shattering fuel prices” coupled with revenue shortfalls encountered over the past 12 months.

To fund current operations through the process of reorganization, Gemini has secured an additional loan commitment of up to $14 million from the company’s existing senior lender.

However, the Washington Dulles-based company is also seeking investors. As part of its filing, Gemini submitted bidding procedures and expects to have a transaction complete during the summer, it says in the letter.

Gemini promotes itself as the largest aircraft, crew, maintenance and insurance (ACMI) operator

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