AeroCentury and its two U.S. subsidiaries filed a proposed combined plan of reorganization and disclosure statement with respect to its proposed plan to exit Chapter 11 bankruptcy protection with the Delaware Bankruptcy Court.
AeroCentury and certain of its subsidiaries commenced a voluntary case under Chapter 11 of the United States Bankruptcy Code. AeroCentury also entered into a stalking horse agreement with its sole secured lender, Drake Asset Management.
AeroCentury said it closed a new $180 million revolver, replacing its former $130 million credit facility. Union Bank served as sole lead arranger, sole bookrunner and administrative agent.