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Aerocentury has announced it and certain subsidiaries have commenced a voluntary case under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.
The lessor has determined that the Chapter 11 process is the most effective next step to resolve the company’s outstanding indebtedness and to progress towards its goal of continuing in the regional aircraft business in order to preserve enterprise value for its stakeholders.
Aerocentury will continue to operate its business as 'debtor-in-possession' under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.
The company has proposed in one of its Chapter 11 motions an auction sale...