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.
Earlier this month Evergreen trustee Alfred Giuliano sought court approval to sell most of the companys 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.