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Delaware Bankruptcy Court Confirms Plan of Superior Air Charter, LLC

On September 4, 2020, Chief Judge Christopher S. Sontchi of the United States Bankruptcy Court for the District of Delaware entered an order approving The Debtor and Official Committee of Unsecured Creditors’ First Amended Joint Combined Disclosure Statement and Chapter 11 Plan of Reorganization (the “Plan”) for Superior Air Charter, LLC (the “Debtor”) as proposed by the Debtor and the Official Committee of Unsecured Creditors appointed in the case.   The Debtor effectuated a reorganization through the Plan that achieved a number of benefits for the Debtor and the Debtor’s creditors, including: (i) saving significant costs that would have accrued in connection with running a separate sale process; (ii) shortening the duration of the case thereby limiting administrative expenses and increasing recoveries to the Debtor’s creditors; (iii) providing the Debtor’s customers with a unique means of realizing value from their prepetition notional account balances which exceeded the cash value of their claims; and (iv) substantially reducing the Debtor’s debt load and other liabilities.

The Plan went effective on September 18, 2020.

The Debtor filed a voluntary petition under Chapter 11 of the Bankruptcy Code on April 28, 2020.  The Debtor is an FAA certified Part 135 air charter carrier that allows customers to purchase “jet cards” to gain access to the Debtor’s private charter services.  The Debtor anticipates resuming modified operations at the appropriate time as part of its reorganized business model.

Bayard attorneys Evan T. Miller, Daniel N. Brogan, Gregory J. Flasser, and Sophie E. Macon served as lead counsel to the Debtor throughout its bankruptcy case.

For confirmation order with plan, click here.

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