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Evergreen seeks to sell assets as creditors cry foul

Corporate bankruptcy — Creditors object to $4.3 million sale, hearing took place May 15


With the Chapter 7 bankruptcy filing by Evergreen Aviation set for Dec. 31, there has been tension between lenders and lien holders as to who will see payment.by: GARY ALLEN - Financial trouble - Evergreen Aviation trustee Alfred Giuliano is trying to sell off most of the company's assets in a move that would circumvent payment to the many creditors awaiting funds from the Chapter 7 bankruptcy filing earlier this year. The move warranted a hearing, which started May 15, to determine the legality of the decision.

Earlier this month Ever­green trustee Alfred Giuliano sought court approval to sell most of the company’s assets to Jet Midwest Group LLC for nearly $4.3 million. A hearing was scheduled for May 15, to address the sale itself and the multiple objections filed. The results of the hearing were unavailable at press time.

Marana Aerospace in Arizona was one the objectors claiming Giuliano is trying to sell property that is not his, and that Evergreen still owes them $2 million.

The United States Trustee, which oversees bankruptcy proceedings, also objected to the sale, as well as Multnomah County which filed a document stating Evergreen still owes $4.6 million in back property taxes and demanding payment from the sale proceeds.

Evergreen also still owes $12 million to Goldman Sachs Lending Partners and Wells Fargo Bank as well as $87 million to Wilmington Trust, among many others. When the company filed for bankruptcy it listed $100 million in assets and $500 million in debt among its 5,000 creditors.




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