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.
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.