Representative Matters

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Client: Airline
Represented Chapter 11 debtor in Minnesota-based reorganization of first air carrier to file bankruptcy post-9/11, resulting in sale of airline.

The client was the first airline to file bankruptcy post-9/11 and the case resulted in the sale and ultimate survival of the airline. At the time of the transaction, the market was virtually non-existent and the airline was grossly undercapitalized, so the debtor stipulated to relief from stay and the airline was sold by means of a UCC Article 9 dispostion. It was the first and only of its kind involving a scheduled service air carrier.