According to the U.S. Bankruptcy Court docket, Republic Airways Holdings filed a motion for approval of expedited procedures for (i) the sale of certain assets free and clear of liens, claims and encumbrances and (ii) the abandonment of certain of the Debtors’ property.
The motion explains, “If the Sale Price of a De Minimis Asset is less than or equal to $500,000, Republic is hereby authorized to sell such De Minimis Assets without further notice to any party or hearing;.…[I]f the Sale Price of a De Minimis Asset that Republic believes is arguably outside of the ordinary course of Republic’s business is greater than $500,000 and less than or equal to $3,000,000, the following Procedures shall be followed: a. Republic shall file a notice with the Court…specifying (i) the assets to be sold, (ii) if the purchaser is an ‘affiliate’, as that term is defined under section 101(2) of the Bankruptcy Code, of any of the Debtors, the identity of such purchaser, (iii) any commissions to be paid to third parties (such as brokers or consignees), and (iv) the proposed purchase price.”
The Court scheduled a March 22, 2016 hearing on the motion, with objections due by March 15, 2016. Read more Republic Airways bankruptcy news.
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