The U.S. Bankruptcy Court approved Global Aviation Holdings’ motion to extend the exclusive period during which the Company can file a plan of reorganization and solicit acceptances thereof through and including May 12, 2014 and July 11, 2014, respectively. As previously reported, “Cause exists to extend the Exclusivity Periods in the Chapter 11 Cases because of the complexity of these cases, the existence of good faith progress and productive negotiations with creditors and the likelihood that the Debtors will file a viable plan. During the first 90 days of the Chapter 11 Cases, the Debtors have been engaged in substantial labor negotiations that have required a large time commitment from the Debtors’ management. Further, the Debtors have worked extensively to configure their aircraft fleets by analyzing all of their aircraft equipment leases, negotiating critical agreements with aircraft equipment lessors under Bankruptcy Code section 1110, and rejecting leases relating to unnecessary aircraft equipment. The Debtors have also engaged in significant negotiations with their DIP lender and the Committee to formulate the sale procedures that this Court approved on January 27, and to outline a framework for the chapter 11 plan that is contemplated by the sale procedures. If the debtors do not file a plan within the initial exclusivity period, the Debtors anticipate that the requested extensions will provide them with sufficient time.”
About Brandy Chetsas
Brandy L. Chetsas is editor in chief at Bankrupt Company News. She joined New Generation Research, Inc. in 1998. As Director of Strategic Content, she leverages 20+ years of communications and project management experience for the distressed investing sector–with particular expertise on corporate restructurings via Chapter 11. Brandy began her career writing for a law enforcement-related publication and teaching English courses at numerous colleges in the U.S. and abroad.