FLYi Files First Amended Joint Plan of Liquidation

Law360, New York (November 14, 2006, 12:00 AM EST) -- FLYi Inc., the parent of former low-fare Independence Air, and its debtor affiliates filed their first amended joint plan of liquidation on Monday, furthering their efforts to sell off the last of their assets.

FLYi, which includes Independence Air Inc., Atlantic Coast Jet LLC, Atlantic Coast Academy Inc., IA Sub Inc., WaKeeney Inc. and Atlantic Coast Airlines, will create a distribution trust for the purpose of liquidating its assets after the company’s effective date of closing, to be handled by a distribution Trustee.

The company hopes...
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