Millville Jet Center’s financial predicament is making news for the second time since last November. The New Jersey-based MRO is in the center of a complex relationship in which MIV Leaseholds rents property from the Delaware River & Bay Authority (DRBA) and sublets it to Millville Jet Center. MIV Leaseholds has filed for Chapter 11 bankruptcy protection. Millville city attorney Nathan Van Embden said MIV Leaseholds has been unable to pay its $34,000 monthly rent. According to Van Embden, MIV Leaseholds and the DRBA are attempting to craft a workable agreement that will permit the MRO to continue operations at the airport. Last November, Millville Jet Center’s president, Cliff Russell, listed the MRO on the eBay auction Web site offering it for sale at $2.5 million. The ad ran only one day before it was withdrawn. Russell told AIN he didn’t really intend to sell the business, but hoped the ad would either turn up an operator interested in buying into the business to serve its own fleet or another maintenance company to use Millville’s excess capacity to meet its own demand.
Millville Jet Center Financial Woes Deepen
- May 20, 2009, 11:17 AM