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Global Aviation Holdings Forbearance Extension Sought

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Global Aviation Holdings filed with the U.S. Bankruptcy Court a fourth extension of forbearance stipulation and consent to use cash collateral between Global Aviation Holdings and Cerberus Business Finance. According to documents filed with the Court, “The Debtors and Cerberus desire to further extend the Forbearance Stipulation for continued use of cash collateral to September 23, 2014 in order for the Debtors to finalize their wind-down efforts (the ‘Fourth Forbearance Extension’)….The Parties stipulate and agree as follows: The terms of the Forbearance Stipulation as amended and modified by the First Forbearance Extension, the Second Forbearance Extension and the Third Forbearance Extension shall be extended, and therefore, section 7(h) of the Forbearance Stipulation shall be modified to read as September 23, 2014.” The previous extension expired on September 15, 2014.

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