Trustee seeks to sell Evergreen assets
May 8, 2014
By Nicole Montesano
Of the News-Register
Trustee Alfred Giuliano is seeking court approval to sell off nearly all the remaining assets of Evergreen International Airlines and its spinoff, Evergreen Aviation Ground Logistics, for $5 million, to Jet Midwest Group LLC, based in Kansas City.
A hearing has been scheduled for May 15.
However, the United States Trustee, which oversees bankruptcy proceedings in Delaware, is objecting to several provisions in the proposed sale order.
It argues that the provisions “include findings that the record does not support, provide the buyer with protections beyond that provided by section 363 of the Bankruptcy Code, and, in some instances, may also implicate jurisdictional issues.”
Marana Aerospace in Arizona, has filed objections to the proposed sale on several grounds, arguing that the trustee is trying to sell off property that does not belong to Evergreen, but to Marana, and that, furthermore, Evergreen still owes Marana Aerospace $2 million for services and parking, that remains unpaid.
The first lienholder and Giuliano will take the entire $5 million of the proposed sale, it argues, leaving nothing for any other lienholders, including Marana.
Multnomah County has filed a document with the court saying that Evergreen still owes $4.6 million in back property taxes, and demanding payment out of the sale proceeds.
Only News-Register subscribers can access this premium content.
To subscribe, click here. Daily, weekly, monthly and annual subscriptions available; Starting at just $2.
Already an online subscriber, please sign in:
• Air quality deemed unhealthy (4165)
• What's that smell? (3622)
• Linfield survives Panthers' scare (2567)
• Bypass work full-bore (2096)
• Olympians run away from Grizzlies (1858)