ABC of Illiquid Aviation Business
Auctioned Assets, Collected A/R, Litigation
The Bottom Line:
As Assignee in the Assignment for the Benefit of Creditors (ABC) of an illiquid aviation maintenance, repair and operations business facing HazMat-based liabilities, Stapleton Group achieved a recovery for the secured creditors.
Actions:
Took over airport facilities. Inventoried assets, including airplane parts, accessories, and tooling. Sold assets via auction process. Pursued collection of A/R for prior work performed on aircraft. Initiated litigation related to breach of lease contract to recover money for creditors. Managed claims process and creditor communications. Resolved all HazMat at the former airport / MRO site.