Zohar III gets approval to sell Heritage interests to Albers Group

By Sarah Lizee

Olympia, Wash., Nov. 22 – Zohar III, Corp. received court approval for Zohar II and Zohar HA, LLC to sell 100% of the issued and outstanding partnership interests in Heritage Aviation, Ltd. to Albers Group, LLC and Albers Aero Mgmt Co., LLC, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The sellers agreed to compromise their outstanding secured debt owed by Heritage in the outstanding principal amount of about $18.5 million.

Zohar said it believes the sellers will receive about $7 million to $9 million in the transaction, with the ultimate amount to be determined by the outcome of post-closing target net working capital and closing cash reconciliations, among other things.

Zohar is a Grand Cayman, Cayman Islands-based collateralized debt obligation. The company filed bankruptcy on March 11, 2018 under Chapter 11 case number 18-10512.

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