The United States Bankruptcy Court for the Southern District of New York has allowed Spirit Airlines to sell an initial batch of Airbus A320ceo aircraft to GA Telesis, which had an agreement to buy a total of 23 A320ceo and A321ceos with Spirit Airlines. Initial sale According to the filing, which was presented on November 27, the court allowed Spirit Airlines to sell an initial five aircraft to GA Telesis, a US-based aerospace asset manager, after reviewing all documents related to the airline’s Chapter 11 proceedings. “[.
..] The Court having found that the relief requested in the Motion represents a sound exercise of the Debtor’s [Spirit Airlines – ed.
note] business judgment, and is in the best interests of the Debtor, its creditors, its estate, and all other parties in interest; and the Court having determined that immediate relief is necessary to avoid immediate and irreparable harm to the Debtor and the Debtor’s estate [...
].” While the court allowed the airline to ship off five aircraft to GA Telesis, any further transactions related to the two companies’ agreement would have to be sanctioned by the US Bankruptcy Court for the Southern District of New York. Furthermore, any creditor that had any encumbrances on or against the quintet could take action to release their claims, according to the document.
Following the closing date for any of the five aircraft, no creditor may claim any encumbrances in this Chapter 11 case, the court emphasized. A final hear.
