A flurry of filings this week in the Evergreen International Aviation
bankruptcy case in Delaware has revealed a sharp division among
stakeholders. On one side is an Arizona company that leased 1.5 million
square feet to Evergreen to park aircraft. On the other side is a
coalition of lenders led by Goldman Sachs.
The parties are squabbling about who should be first in line when and
if the trustee in the case proceeds with a proposed sale of
"substantially all" of Evergreen's aircraft assets to Jet Midwest, a Kansas City company.
Marana Aerospace Solutions of Arizona has argued it should be paid
first, partly because it had begun in December to proceed with the sale
of Evergreen's Supertanker -- a modified Boeing 747 -- in lieu of rent
and other payments that the Oregon company had failed to make. But when
an involuntary bankruptcy case was filed against Evergreen later in the
month -- and then Evergreen itself filed for dissolution on the last day
of December -- the sale was frozen.
The lenders argue their claims should come ahead of Marana's. They
note in a filing that Evergreen owes them more than $100 million and
"the Lenders have valid first and second priority liens upon all of the
Assets, and any lien Marana may claim to have on the Supertanker would
be junior to the Lenders' liens."
In another wrinkle that emerged this week, the trustee managing the
case said he was told Evergreen planes had been moved from some of the
leased space -- information he said that turned out to be inaccurate. As
a result, a dispute has arisen over which Evergreen aircraft remains in
the bankruptcy case and which may be deemed "abandoned."
The trustee proposed earlier this month to sell "substantially all" of Evergreen's assets, including the Supertanker and other aircraft, to Jet Midwest for $4.28 million.
- Mike Francis
Story: http://www.oregonlive.com