One Aviation Ch. 11 Plan Confirmed With Creditor Support

Law360, Wilmington (September 18, 2019, 6:40 PM EDT) -- Bankrupt aircraft builder One Aviation Corp. brought its turbulent Chapter 11 case in for a smooth landing Wednesday when a Delaware judge confirmed its plan of reorganization that will swap its secured debt for equity while providing recoveries for unsecured creditors.

During a hearing in Wilmington, debtor attorney Todd M. Schwartz of Paul Hastings LLP said that although One Aviation came to court with a prepackaged plan of reorganization nearly 11 months ago, several issues arose during the case that delayed confirmation.

An amended version of the plan resulted from a settlement with the official committee of unsecured creditors that provides...

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