Alabama Aircraft Lines Up Ch. 11 Sale To Kaiser

Law360, New York (August 23, 2011, 8:14 PM EDT) -- Stricken military aircraft maintenance company Alabama Aircraft Industries Inc. agreed Monday to sell its operating assets to Kaiser Aircraft Industries Inc. for $500,000 in cash and up to $30 million in proceeds from potential litigation.

After failing to elicit much interest from would-be buyers, Alabama Aircraft settled on Kaiser’s offer as the only way to continue as a going concern and preserve hundreds of jobs.

“The sale to Kaiser is their only remaining alternative to liquidation,” the debtor said in a motion to approve the sale...
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