Aircraft charter operator All In Jets, doing business as JetReady and which filed for Chapter 11 bankruptcy last August, will be hitting the auction block. The company has filed a legal motion authorizing the sale of its Part 135 certificate (with no current aircraft management contracts) and other documentation to a qualified purchaser, noting the sale and bid procedures, along with a timeline for objection dates and bid placement.
According to Philadelphia law firm Ciardi, Ciardi & Astin, the company’s legal representation, those interested in placing a bid must strictly comply with the sale and bidding procedures, as only qualified bids will be considered by the debtor. By March 2, bidders must submit proof of funds and a deposit ahead of the March 4 auction which will be conducted online. Attorney Albert Ciardi told AIN that a stalking horse bid of $600,000 has already been placed by Aviate Jet Group.
The winning offer will be announced on March 8. March 11 is the deadline for the filing of any objections to the sale, which must be received in writing by the court and by the company’s law firm. A hearing in the U.S. Bankruptcy Court for the Southern District of New York is scheduled for March 17 at 10 a.m. ET to consider, and if the judge so rules, to approve the sale.