Global Aviation Plans Stalking Horse Sale To Cerberus Unit

Law360, Wilmington (December 4, 2013, 4:43 PM EST) -- Charter air service provider Global Aviation Holdings Inc. asked a Delaware bankruptcy court late Tuesday to consider a plan for a stalking horse auction to a unit of Cerberus Capital Management LP, setting the floor with an as-yet undetermined credit bid against first-lien debt.

In the proposed auction, Cerberus Business Finance LLC would be able to credit bid up to the total amount it is owed by Global Aviation, which includes a portion of a $52 million revolving post-petition credit facility, part of which is set...
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