Florida-based Western Global Airlines (a cargo airline) is going to enter the junk bond market (a market where bonds have a higher default rate, usually a move when a company is in financial difficulty) with an issuance (distribution, in the sense of making available) of $410 million of senior unsecured (the opposite of secured debt, which protects the lender from non-repayment by the borrower) notes due in 2025. This is the 1st time in the airline’s history that it will enter the junk bond market. This restructuring will see the company lend funds from the bond offering to a newly formed ESOP (Employee Stock Ownership Plan), which if the issuance is completed, will take a 49% ownership of the company from CE Jim Neff and other shareholders. In the meantime, the company, will attempt to pay back its debts. 12th of August 2020.