FlyI Files Ch. 11 BK

[Traderd]

I know you're just yanking my chain, but if I remember correctly, a section 363 sale simply has to do with selling assets outside of the "normal course of business". If you are planning on doing this while in bankruptcy, you must file a petition and have a hearing.


I guess if you arrange to sell all assets and all of the creditors agree, that would be very similar to a Ch.7 liquidation. But we're talking Flyi here--where is the section 363 filing for Flyi that turns this into a liquidation, as lowcur was referring?

Here's the difference: in a Ch. 7 "liquidation", a guy (trustee) makes all of the decisions for selling off assets. Under Chapter 11, every time an asset is sold, not in the normal course of business, there must be a hearing and agreement (or not, judge decides) from the creditors. Flyi is not in a "liquidation" and Ch. 11 363 sales are not "liquidations" as the term is used.

Actually, I yank some things but never one's chain.

I was curious if a liquidation can be accomplished in chapter 11 or at least outside of chapter 7. I understand that the asset sale in the normal course of business is not termed a liquidation, but at some point it appears to be the functional equivalent.

And per an earlier post concerning semantics. You were not arguing semantics with a pilot; the individual I referenced is a practicing bankruptcy attorney. And while he may be a pilot as well, he didn't utilize the terminology "chapter 11 liquidation" while representing himself as an aviator. I for one have no idea if a corporation can liquidate all of its assets while in chapter 11 and if so, if it would constitute a "chapter 11 liquidation".

Thanks for the info.

 

[luv2fly]

Also, we have conducted multiple pollings of the membership, and find that the vast majority of our pilots are looking for improvements in pay, QOL and benefits..

Wow!! You guys aren't wanting much. I am not sure there is anything you guys aren't looking for.

 

[Ty Webb]

Wow!! You guys aren't wanting much. I am not sure there is anything you guys aren't looking for.

Thanks for your support. We sure appreciate it. Farghin' Corksmoker.

 

[mdf]

Farghin' Corksmoker.

Johnny Dangerously.......Would you believe the mouth on that guy!

 

[densoo]

Tell us how you feel

THE BRANCATELLI FILE: THE DUMBEST AIRLINE IN AMERICAN HISTORY
None of the carriers in my Library of Dumb Dead Airlines has
outdone newly bankrupt Independence Air for sheer stupidity. It has
flown the wrong planes to the wrong places with the wrong schedules at
the wrong prices. It has failed in big cities and small towns. Failed
flying North to South and East to West. Failed flying big, new jets and
small, old ones. In just 18 months, Flyi has gone from profitable
commuter carriers to a start-up failure and blown $500 million or so
along the way.

 

[Sharmoota]

THE BRANCATELLI FILE: THE DUMBEST AIRLINE IN AMERICAN HISTORY
None of the carriers in my Library of Dumb Dead Airlines has
outdone newly bankrupt Independence Air for sheer stupidity. It has
flown the wrong planes to the wrong places with the wrong schedules at
the wrong prices. It has failed in big cities and small towns. Failed
flying North to South and East to West. Failed flying big, new jets and
small, old ones. In just 18 months, Flyi has gone from profitable
commuter carriers to a start-up failure and blown $500 million or so
along the way.

Yeah but we had fun doing it!!!!NahNahNah Nah Naaaaaaaa!