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AeroCentury Aircraft Sale Approved, Erasing $83 Million in Debt

May 28, 2021, 5:28 PM

Bankrupt aircraft lessor AeroCentury Corp. won court approval to sell off 10 aircraft to secured lender Drake Asset Management Jersey Ltd. in exchange for forgiveness of $83 million in debt.

Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware approved the deal Friday after AeroCentury all but sealed Drake’s credit bid purchase by canceling a proposed auction of its most valuable package of assets.

“We’re satisfied that the stalking horse bid is in fact the highest and best out there,” AeroCentury’s attorney, Joseph Barry of Young Conaway Stargatt & Taylor LLP, said during a virtual ...

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