Porter Aviation Holdings defers IPO due to market conditions
June 1, 2010 – Porter Aviation Holdings Inc. announced today that it has decided not to proceed with the previously announced proposed offering of its common equity due to unfavorable market conditions caused by volatility in the equity markets.
"Given current market conditions, we believe it is prudent to defer the offering at this time," said Robert Deluce, president and chief executive officer of Porter Aviation. "Our company is well-positioned to wait until the equity markets stabilize before deciding whether to proceed with a new public offering."
Porter Airlines' business continues developing well with year-over-year passenger numbers improving by more than 150,000 in the first quarter of 2010 and profitability metrics showing significant gains over the same period.