Global Aviation debtor secures court OK to sell assets to Omni Air

By Kali Hays

New York, May 28 - Global Aviation Holdings Inc. debtor North American Airlines, Inc. received court approval to sell some of its assets to Omni Air International Inc., according to a May 28 order with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Omni will pay North American Airlines $750,000 after a forbearance stipulation is approved by the court, a $750,000 first milestone payment after the parties enter into definitive documents, a $2.85 million second milestone payment, a $6.62 million final cash payment and one or more additional cash payments to be made after closing in connection with customer contract extensions.

The assets being sold include all of North American's assets at Dulles International Airports, business class seats, leasehold interests in seats, aircraft parts, tooling, fly-away kits, passenger stairs, tow bars, ground power units and other equipment.

Upon requesting approval of the sale, North American had agreed to work exclusively with Omni, remove the sale from the market and cease all discussions with other potential buyers for 30 days from the date of the letter of intent related to the sale.

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.

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