Global Aviation committee gets OK to hire Alvarez & Marsal as adviser

By Caroline Salls

Pittsburgh, Feb. 21 - Global Aviation Holdings Inc.'s official committee of unsecured creditors received court approval to hire Alvarez & Marsal North America, LLC as its financial adviser, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The retention would be effective retroactive to Nov. 22.

The committee said Alvarez & Marsal has been providing it critical services, including reviewing operating and financial information and conducting due diligence on Global Aviation's business and case issues, analyzing the company's debtor-in-possession financing motion and participating in meetings with Global Aviation and the committee.

Alvarez & Marsal will be paid $50,000 per month from the retention effective date through Feb. 28 and $40,000 per month after Feb. 28.

According to Friday's order the adviser will not seek payment of a success fee upon the completion of a sale of the company's assets or confirmation of a Chapter 11 plan.

Global Aviation, 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, filed for bankruptcy on Nov. 12. The Chapter 11 case number is 13-12945.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.