MIAMI, May 9 (Reuters) - Cargo airline Fine Air Services Corp. on Thursday said a U.S. bankruptcy court confirmed its plan of reorganization, opening the door for the company and its related units, including Arrow Air, to emerge from a 20-month bankruptcy. Arrow Air Holdings Corp., a separate entity recently formed to bid for Fine Air and its assets, will buy the company with help from Aviation Finance International LLC, and reinstate the Arrow Air name, a Fine Air spokeswoman said. Fine Air, which ships air cargo between the United States, the Caribbean, and South and Central America, agreed to buy fellow cargo carrier Arrow Air in 1999, but was operating under Chapter 11 protection by the time it completed the acquisition in February 2001. Miami-based Fine Air said that when it filed for bankruptcy, it was saddled with high fuel prices, a slowing Latin American economy, and high interest expenses from the merger and equipment purchases. Fine Air Chief Executive Barry Fine and his father, Chairman Frank Fine, will have no ownership or management control over the company. The cargo carrier said Richard Haberly will become president and chief executive, effective immediately. Haberly, who had been president at Arrow Air before its acquisition, brought cargo shipper Florida West Airlines out of bankruptcy in 1995, Fine Air said in a written statement. Aviation Finance International President Thomas Donegan had served as interim executive in the span between the court's acceptance of the proposed reorganization and when the judge signed to confirm it on Wednesday. Fine Air recorded $190.5 million in revenue in 2000, and runs 23 DC-8 aircraft and four wide-body L-1011s, according to its Web site. It said it and Arrow carried more than 200,000 tons in 2000, about 11 percent of the total cargo tonnage at Miami International Airport. ©2002 Reuters Limited.