The nearly six-year-old run of One Aviation, Albuquerque-based in New Mexico, came to an abrupt halt Thursday when a U.S. Bankruptcy Court Judge Christopher S. Sontchi ordered the liquidation of the remaining assets.
One Aviation’s Reorganization
Sontchi stated that he had lost trust in management during the conversion of One Aviation’s reorganization, which began in October 2018, into Chapter 7 liquidation. “We need an independent fiduciary who can come into this case and take a look at it…we have to stop the music.”
Citiking International was not opposed to the Moore Quality decision. It had planned to take over One Aviation following Chapter 11 reorganization. The court-approved emergence plan was repeatedly evaded by the Chinese-backed entity, leaving One Aviation open to other options to preserve the company.
One Aviation was Approved by the Court
One Aviation was approved by the court in November to sell the Eclipse 500/550 program and assets to AML Global Eclipse LLC. Nautical Hero Group bid for Kestrel Aircraft assets. The U.S. will now steward the arguments regarding the disbursement and assets of the remaining company assets. Trustee Program.
AML Global has provided support for about 260 Eclipse aircraft around the world and rehired many One Aviation employees who were not part of management. This process has not been without drama. AML Global was able to accuse former management of concealing multiple files containing financial and employee records from new owners. A court order was issued last month to preserve these documents.
Sontchi stated Thursday that there were “at least some allegations of some scrupuly…with respect to the AML transaction.” “If [anything] disappears–documents get taken, file cabinets disappear–whoever’s responsible is going to feel the wrath of God.”