Western Global Airlines LLC has reached a deal with creditors that would allow the cargo carrier to keep operating while it reworks its debt load in a potential bankruptcy, according to people familiar with the matter. 

The distressed carrier has lined up $77.3 million of bankruptcy financing at a rate of 9% over the Secured Overnight Financing Rate to fund the company’s operations while in Chapter 11 protection, according to the people, who asked not to be identified because the matter is private. The cargo airline is expected to seek court protection from creditors in the coming days, the people said.

The deal includes a roll-up of debt held by founder and Chief Executive Officer Jim Neff while other creditors, including bondholders, will provide about 50% of the financing, said the people. It also puts Neff in position to retain control of the company following its emergence from bankruptcy, they said. 

A representative for Western Global declined to comment. 

The airline has been considering options including a bankruptcy filing to address its debt load while facing dwindling liquidity for months, as Bloomberg previously reported.

Neff last month bought the airline’s secured debt — trading at a steep discount — as he sought to keep the company alive through a restructuring, Bloomberg reported. In the process, he irked at least some investors because his status as a loan holder has put him ahead of unsecured bondholders in the repayment line.