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Global Aviation secures shorter-than-requested exclusivity extension
By Caroline Salls
Pittsburgh, June 4 - Global Aviation Holdings Inc. obtained a 120-day extension of its exclusive period for filing a Chapter 11 plan and soliciting plan acceptances, according to a June 1 filing with the U.S. Bankruptcy Court for the Eastern District of New York.
The company's exclusive period for filing a Chapter 11 plan was extended through Oct. 2 from June 4 and the period for soliciting votes in favor of the plan was extended through Dec. 3 from Aug. 3.
As previously reported, the company asked the court to extend the exclusive filing period to Dec. 1and the solicitation period to Jan. 30, 2013 in its May 11 motion.
According to the motion, Global Aviation is making significant progress in its restructuring efforts.
"To date, the debtors have stabilized the business, accessed liquidity, reduced headcount and substantially rationalized their fleet," the company said in the motion.
"Currently, the debtors are engaged in negotiations with three unions over necessary modifications to four collective bargaining agreements. Once this step is complete, through negotiation or (if necessary) litigation, the debtors will turn to the development of a plan of reorganization and securing exit financing.
"These remaining steps require more time - time that will be well spent - and, as a result, the debtors request an extension of their exclusivity periods."
Global Aviation is a Peachtree City, Ga.-based provider of charter air transportation for the U.S. military and of commercial global passenger and cargo air transportation services. The company filed for bankruptcy on Feb. 5. Its Chapter 11 case number is 12-40783.
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