STEVE CANYON
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If Hooters Air Had A Regional Partner
- Thread starter STEVE CANYON
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Check this out from yesterday:
Dow Jones Business News
Vanguard Airlines Gets Final OK Of Funding; Bid In Works
Thursday September 19, 1:38 pm ET
WASHINGTON -(Dow Jones)- A bankruptcy court granted Vanguard Airlines Inc. (VGDQE) final approval to obtain limited post-petition financing from the chairman of the Hooters restaurant chain to meet payroll and other expenses while the chairman plans to buy the carrier's assets.
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U.S. Bankruptcy Judge Jerry W. Venters signed an order Tuesday that adopted the content of an existing interim order on a final basis. Under terms of a second interim order from Sept. 4, Hooters of America Chairman Robert H. Brooks has been providing Vanguard Airlines with $57,500 a week to cover some of its expenses.
A final hearing on the matter had been slated for Thursday, but since no entity filed an objection by Monday's deadline, Judge Venters, of the U.S. Bankruptcy Court in Kansas City, signed the final order.
Without the stop-gap financing and the funds that are to be made available by Brooks, the airline said in its second interim motion that "Vanguard would be unable to continue efforts to restart operations, reorganize, or sell its assets."
While Brooks has been preparing an offer to buy Vanguard Airlines' assets, terms of a proposed deal weren't available as of Thursday.
Calls to attorneys representing Brooks, Vanguard Airlines and the airline's unsecured creditors' committee weren't immediately returned Thursday.
A.J. Block, an Atlanta-based attorney for Brooks, said the new airline would be called Hooters Air Inc. and may use the Hooters name and distinctive orange coloring, the Associated Press reported Sept. 6. Brooks planned to submit a formal bid in the next few weeks, Block said at the time.
Vanguard Airlines' financing motion said the possibility of an investment by or sale to Brooks "offers the best opportunity for Vanguard to maximize the value of the assets of the estate that has so far emerged."
On Aug. 14, Judge Venters initially granted Vanguard Airlines interim authorization to borrow $50,000 a week to cover expenses. The bankruptcy court also approved the carrier to use the cash collateral of its pre-petition lenders.
The airline said in its initial motion that the stop-gap funding will permit " planning and models necessary to advance discussion regarding a potential investment or purchase, and further to allow Vanguard to forestall any irrevocable actions regarding a liquidation."
If Brooks doesn't ultimately fund a substantial investment or sign an agreement to purchase a large portion of Vanguard's assets, the filing from Aug. 10 said, the investor won't be entitled to a return of any sums advanced, court papers said.
Including cash on hand of about $1 million in August, Vanguard said the liquidation value of its assets is expected to be $4.2 million to $5.4 million, less liquidation costs. With secured claims in the range of $3 million to $4 million, the carrier believes there may be enough funds for unsecured creditors to receive a distribution under a Chapter 11 plan.
The Kansas City-based airline shut down and filed for Chapter 11 protection July 30, listing assets of $39.7 million and debts of $95.9 million as of June 30 in its bankruptcy petition. The company sought Chapter 11 protection after hearing the Air Transportation Stabilization Board rejected its application for a federal loan guarantee for the second time.
-By Nicholas P. Braude; Dow Jones Newswires; 202-628-7686; [email protected]
Dow Jones Business News
Vanguard Airlines Gets Final OK Of Funding; Bid In Works
Thursday September 19, 1:38 pm ET
WASHINGTON -(Dow Jones)- A bankruptcy court granted Vanguard Airlines Inc. (VGDQE) final approval to obtain limited post-petition financing from the chairman of the Hooters restaurant chain to meet payroll and other expenses while the chairman plans to buy the carrier's assets.
ADVERTISEMENT
U.S. Bankruptcy Judge Jerry W. Venters signed an order Tuesday that adopted the content of an existing interim order on a final basis. Under terms of a second interim order from Sept. 4, Hooters of America Chairman Robert H. Brooks has been providing Vanguard Airlines with $57,500 a week to cover some of its expenses.
A final hearing on the matter had been slated for Thursday, but since no entity filed an objection by Monday's deadline, Judge Venters, of the U.S. Bankruptcy Court in Kansas City, signed the final order.
Without the stop-gap financing and the funds that are to be made available by Brooks, the airline said in its second interim motion that "Vanguard would be unable to continue efforts to restart operations, reorganize, or sell its assets."
While Brooks has been preparing an offer to buy Vanguard Airlines' assets, terms of a proposed deal weren't available as of Thursday.
Calls to attorneys representing Brooks, Vanguard Airlines and the airline's unsecured creditors' committee weren't immediately returned Thursday.
A.J. Block, an Atlanta-based attorney for Brooks, said the new airline would be called Hooters Air Inc. and may use the Hooters name and distinctive orange coloring, the Associated Press reported Sept. 6. Brooks planned to submit a formal bid in the next few weeks, Block said at the time.
Vanguard Airlines' financing motion said the possibility of an investment by or sale to Brooks "offers the best opportunity for Vanguard to maximize the value of the assets of the estate that has so far emerged."
On Aug. 14, Judge Venters initially granted Vanguard Airlines interim authorization to borrow $50,000 a week to cover expenses. The bankruptcy court also approved the carrier to use the cash collateral of its pre-petition lenders.
The airline said in its initial motion that the stop-gap funding will permit " planning and models necessary to advance discussion regarding a potential investment or purchase, and further to allow Vanguard to forestall any irrevocable actions regarding a liquidation."
If Brooks doesn't ultimately fund a substantial investment or sign an agreement to purchase a large portion of Vanguard's assets, the filing from Aug. 10 said, the investor won't be entitled to a return of any sums advanced, court papers said.
Including cash on hand of about $1 million in August, Vanguard said the liquidation value of its assets is expected to be $4.2 million to $5.4 million, less liquidation costs. With secured claims in the range of $3 million to $4 million, the carrier believes there may be enough funds for unsecured creditors to receive a distribution under a Chapter 11 plan.
The Kansas City-based airline shut down and filed for Chapter 11 protection July 30, listing assets of $39.7 million and debts of $95.9 million as of June 30 in its bankruptcy petition. The company sought Chapter 11 protection after hearing the Air Transportation Stabilization Board rejected its application for a federal loan guarantee for the second time.
-By Nicholas P. Braude; Dow Jones Newswires; 202-628-7686; [email protected]
LA Confidential
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TedCFII
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Press Release Source: Hooters Air, LLC
Hooters Air/Vanguard Takes Off
Friday September 20, 1:00 pm ET
ATLANTA, Sept. 20 /PRNewswire/ -- Today Hooters Air, LLC announced that it will deliver today an offer to buy designated assets of Vanguard to the company's Board of Directors. This offer is considered a first step in pursuing the objective of establishing a new commercial airline operation to serve the Kansas City market. Hooters considers this offer a very small part, but the beginning of the overall investment required, to fund the airline startup.
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Hooters Air has been working through the bankruptcy court in Kansas City in evaluating the assets of Vanguard. After many weeks of study and approximately $500,000 in cost, Hooters Air has determined that it will proceed forward with the purchase of designated Vanguard's assets and, hopefully, will utilize many of Vanguard's personnel in building a new Hooters Airlines in Kansas City. The designated assets include spare airplane parts, ground equipment, furniture, fixtures and intellectual property.
Hooters Chairman, Bob Brooks, stated, "I am approaching the Vanguard transaction a little differently than when I first started. I now believe I will require support from other sources to build the kind of airline I desire. I have, however, become more committed than ever to the goal of providing quality air service for Kansas City, which I found to be a great city, with a lot of good people, and a strong economy. It is well centered in more than just geographic terms. "
As commonly known, and despite the financial problems of many airlines, the focus of Hooters Air has been to find value in a company and maximize its potential, with a goal of bringing Hooters service principles of quality and friendliness to the airline industry in Kansas City. "I believe that building a new airline is the best way to serve the Kansas City community," stated Brooks.
--------------------------------------------------------------------------------
Source: Hooters Air, LLC
Hooters Air/Vanguard Takes Off
Friday September 20, 1:00 pm ET
ATLANTA, Sept. 20 /PRNewswire/ -- Today Hooters Air, LLC announced that it will deliver today an offer to buy designated assets of Vanguard to the company's Board of Directors. This offer is considered a first step in pursuing the objective of establishing a new commercial airline operation to serve the Kansas City market. Hooters considers this offer a very small part, but the beginning of the overall investment required, to fund the airline startup.
ADVERTISEMENT
Hooters Air has been working through the bankruptcy court in Kansas City in evaluating the assets of Vanguard. After many weeks of study and approximately $500,000 in cost, Hooters Air has determined that it will proceed forward with the purchase of designated Vanguard's assets and, hopefully, will utilize many of Vanguard's personnel in building a new Hooters Airlines in Kansas City. The designated assets include spare airplane parts, ground equipment, furniture, fixtures and intellectual property.
Hooters Chairman, Bob Brooks, stated, "I am approaching the Vanguard transaction a little differently than when I first started. I now believe I will require support from other sources to build the kind of airline I desire. I have, however, become more committed than ever to the goal of providing quality air service for Kansas City, which I found to be a great city, with a lot of good people, and a strong economy. It is well centered in more than just geographic terms. "
As commonly known, and despite the financial problems of many airlines, the focus of Hooters Air has been to find value in a company and maximize its potential, with a goal of bringing Hooters service principles of quality and friendliness to the airline industry in Kansas City. "I believe that building a new airline is the best way to serve the Kansas City community," stated Brooks.
--------------------------------------------------------------------------------
Source: Hooters Air, LLC
Capn Lucky
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Typhoon1244
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