Gulfstream Creditors Lay Out Ch. 11 Plan

Law360, New York (July 22, 2011, 3:20 PM EDT) -- Creditors of Florida-based regional air carrier Gulfstream International Group Inc. filed their Chapter 11 plan and disclosure statement Wednesday calling for the distribution to claimholders of the entire $600,000 from Gulfstream’s asset sale to a private equity group this year.

The plan, put forward by the official committee of secured creditors, calls for the individual debtors’ estates to be consolidated and a liquidation trustee to distribute the sale proceeds and an additional $25,000 left over from a carveout settlement with lender SAH-VUL Strategic Partners, according to...
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