Ch. of jet owners. 11 Approved Bid Plan with New Break Fees
Posted onAuthorJoshua R. ArnoldComments Off on Ch. of jet owners. 11 Approved Bid Plan with New Break Fees
By Vince Sullivan (February 4, 2022, 6:09 PM EST) – A New York bankruptcy judge has found bid protections in a plan to sell proposed by the owners of two planes leased to an Asian airline were warranted in their Chapter 11 circumstances, saying Friday that a severance pay of 3.5% was higher than normal but still appropriate.
In a videoconference hearing, U.S. Bankruptcy Judge David S. Jones said the breakage fee payable to the stalking horse bidder in the case was higher than the usual 3% cap on such payments, but that the case of debtors JPA No. 111 Co. Ltd. and JPA No. 49 Ltd. include risks not…
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