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CHC Group Sale of Helicopter Approved

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The U.S. Bankruptcy Court issued an order approving CHC Group’s motion for an order authorizing and approving CHC Helicopter Australia to consummate the private sale of Airbus Helicopter AS332L1 with manufacturer serial number 2468 free and clear of all liens, claims, encumbrances and other interests to purchaser Heli Austria GmbH.

As previously reported, “The Debtors and the Purchaser agreed upon a final aggregate purchase price of $9.2 million for the Purchased Helicopter…. Pursuant to the APSA, the Purchaser agreed to buy the Helicopter for a purchase price of $3,516,090 (the ‘Purchase Price’). Immediately after the APSA was executed, the Purchaser paid the Seller a deposit in the amount of 10% of the Purchase Price. Subsequently, the Helicopter was reconfigured as required under the APSA, and presented for acceptance on June 27, 2016. On June 28, 2016, the Purchaser approved the modifications and the Seller invoiced the Purchaser for the outstanding balance of the purchase price (the ‘Remaining Balance’). That same day, the Purchaser deposited the Remaining Balance into escrow with Insured Aircraft Title Service and such balance currently remains in escrow pending the closing of the APSA.”

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The post CHC Group Sale of Helicopter Approved appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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