Lehman debtor looks to sell aircraft for $25.4 million

By Caroline Salls

Pittsburgh, Oct. 15 - Lehman Brothers Holdings, Inc. wholly owned subsidiary CES Aviation, LLC requested court approval of the proposed $25.4 million sale of a Gulfstream Aerospace G-IV aircraft to Pegasus AV, LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Pegasus has made a $250,000 deposit toward the purchase price.

CES said it will not hold an auction for the aircraft. According to the motion, the company actively engaged in a competitive bidding process before its Chapter 11 bankruptcy filing and is satisfied that all interested, qualified buyers were given an opportunity to bid on the aircraft.

A hearing is scheduled for Nov. 5.

New York-based Lehman Brothers Holdings is the fourth largest investment bank in the United States. The company filed for bankruptcy on Sept. 15. Its Chapter 11 case number is 08-13555.

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