Superior Air Charter plan of reorganization effective as of Sept. 18

By Sarah Lizee

Olympia, Wash., Sept. 21 – Superior Air Charter, LLC’s plan of reorganization took effect on Friday, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The plan was confirmed on Sept. 4.

As previously reported, the official committee of unsecured creditors appointed for Superior Air’s Chapter 11 case is a joint proponent of the confirmed plan.

Under the plan, holders of general unsecured claims are slated to recover 2.3% to 15% of the amount of their claims.

The holder of SuiteKey claims can elect to have the claims treated either as general unsecured claims or as SuiteKey claims in a separate class. If the holder elects the SuiteKey class, it will receive flight credits equal to the greater of 15% of the allowed amounts of a given SuiteKey Claim or $3,025, provided, however, any allowed SuiteKey claim less than $3,025 will have credits equal to their allowed claim.

Existing equity interests will be reinstated at the direction of the company’s debtor-in-possession financing lenders.

Holders of DIP facility claims will acquire all Superior Air estate property.

Superior Air Charter is a Dallas-based transportation company. The company filed bankruptcy on April 28 under Chapter 11 case number 20-11007.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.