Global Aviation Gets OK For Ch. 11 Plan-Support Pact

Law360, Wilmington (February 25, 2014, 8:58 PM EST) -- A Delaware bankruptcy judge on Tuesday approved a Chapter 11 plan-support agreement among Global Aviation Holdings Inc., its creditors committee and the Cerberus Capital Management LP unit that is the stalking-horse bidder, after the Teamsters union dropped its immediate opposition to the pact.

U.S. Bankruptcy Judge Mary F. Walrath approved the agreement after hearing that the Teamsters' concerns over the language of the pact had been addressed. The deal allows secured lender and stalking-horse bidder Cerberus Business Finance LLC to acquire the equity in the reorganized...
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