AeroCentury receives interim court approval to use cash collateral

By Sarah Lizee

Olympia, Wash., March 31 – AeroCentury Corp. received interim approval to use the cash collateral of Drake Asset Management Jersey Ltd. and UMB Bank, NA, according to an order filed Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

A final hearing is scheduled for April 26.

The access to cash collateral will terminate on the earliest to occur of 35 days from the petition date if a final order hasn’t been entered by then, the date an asset sale closes, the date a Chapter 11 trustee or examiner is appointed, the date the cases are dismissed or converted, the date any event of default occurs and the date a plan becomes effective.

AeroCentury is an aircraft operating lessor and finance company based in Burlingame, Calif. The company filed bankruptcy on March 29 under Chapter 11 case number 21-10636.

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