Contributor - Business Aviation

Rob Finfrock

One Aviation withdrew its motion yesterday for a Section 363 sale of the bankrupt company's assets to Florida-based real estate holding firm SE Falcon, three days after <a href="https://www.ainonline.com/aviation-news/business-aviation/2020-10-06/one-aviation-bankruptcy-sale-hits-turbulence">the Office of the U.S. Trustee objected to the proposal</a> and questioned its legality. What the <a href="https://document.epiq11.com/document/getdocumentbycode/?docId=3792994&amp;projectCode=ONE&amp;source=DM">withdrawal</a> could mean for the Eclipse 500/550 support provider and one-time manufacturer's ability to successfully reorganize under Chapter 11 bankruptcy remains unclear.
Efforts to culminate that deal <a href="https://www.ainonline.com/aviation-news/business-aviation/2020-09-14/one-aviation-pursues-new-ownership">had been cleared to proceed</a> by U.S. Bankruptcy Court Judge Christopher Sontchi in early September. In the objection filed earlier this week, U.S. Trustee Andrew Vara noted while the proposed $13 million sale amount would have compensated several major creditors, it wasn’t enough to fully cover One Aviation's outstanding administrative or priority claims, a violation of U.S. bankruptcy laws.
The trustee's objection followed subpoenas issued by former debtor-in-possession Citiking International—which <a href="https://www.ainonline.com/aviation-news/business-aviation/2020-08-31/one-aviation-changes-course-bankruptcy-case">One Aviation motioned to have dismissed</a> from the case after failure to fulfill its own court-approved bankruptcy emergence plan—for documents related to the SE Falcon sale.
A twice-delayed October 14 hearing before Sontchi, originally intended to review and approve SE Falcon’s purchase of One Aviation, will now proceed as a status conference.

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One Aviation withdrew its motion for a Section 363 sale of the bankrupt company's assets to Florida-based real estate holding firm SE Falcon.

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