Western Global, a Florida-based cargo airline, may declare bankruptcy this week after Moody’s and Fitch downgraded the company due to concerns it would fail on its large debt.

The company has experienced revenue decline and lost Amazon in January, operating an aging fleet of Boeing 747-400 and MD-11 freighters. Western Global’s debtor-in-possession financing was provided by bondholders and other creditors at 9% above the benchmark derivatives interest rate.

The airline’s secured overnight lending is 5.31%.

Western Global discussed restructuring with creditors in June.

The airline operates a third of its fleet, with four 747-400s and 17 MD-11s leased from Neff-controlled leasing businesses.

Pilots claim attrition due to bad working conditions is causing operational issues.

Western Global has been working closely with advisors to investigate value-maximizing possibilities and rectify its financial position.

Three workers are suing Neff and his wife for benefiting from a bond sale to support an employee loan for a 37.5% interest in the company.

The class-action lawsuit will be tried in May.

Western Global claims that Jim Neff purchased outstanding loans held by senior secured lenders in a competitive process to protect the company and ease lending conditions.