Cerberus Unit to Buy Global Aviation, Pending March Auction
The Wall Street Journal reported bankrupt Global Aviation Holdings received court approval to sell itself to its lender, a unit of Cerberus Capital Management. The article noted the sale is subject to higher bids at an auction in March.
According to the Journal , Bankruptcy Court Judge Mary F. Walrath authorized the March 19, 2014 auction, with the Cerberus unit as lead bidder. The Journal said further, citing court papers, other bids, which are due March 14, must include at least $35 million cash to repay Cerberus.
Global Aviation Holdings Inc. is the parent company of North American Airlines and World Airways. North American Airlines, founded in 1989, operates passenger charter flights using B767-300ER aircraft.
To read the entire WSJ story click here.
Previously on abfjournal: Haynes and Boone Advises Global Aviation Holdings in Chapter 11, November 12, 2013