Asset Deal of the Week: Time To Buy Your Own Plane

Posted by Michael on August 14, 2014

With vacation season upon us, we thought it would be fun to feature a couple of airplanes for sale because who doesn't want to fly away this summer in their own plane? Whether it is this 1982 Piper Warrior airplane or this Learjet, there seems to be no shortage of planes for sale through the bankruptcy courts on our site. You can read the entire sale motion for free and contact the seller to learn more about the these planes or others that we have on our site for subscribers.


Snippet from the Sale Motion
Pursuant to Sec. 363(b)(1), HD EQUIPMENT, INC., Debtor, hereby files this Motion with this Court requesting authorization from this Court to sell personal property consisting of a 1980 Learjet 35 A, S/N 35A-329 (FAA number N261PG), hereinafter referred to the “Jet”. In support of this Motion, the Debtor states as follows:

The Debtor filed for relief on July 17, 2013 under Chapter 11 of Title 11 of the United States Bankruptcy Code.

Debtor proposes to sell to FRANCISCO GONZALEZ OROZCO (“Purchaser”) the Jet valued at approximately $860,000.00 for the purchase price of $868,892.91, consisting of $311,669.09 in cash and a 2010 rig International 7500, truck serial number 1HTWNAZT5BJ327332, hereinafter referred to as the “Rig” valued at $557,223.82.

With the purchase price, Debtor has paid the amount owed to Avcon Industries, Inc. (“Avcon”) in the initial amount of $170,497.09 and additional charges of $8,952.91 up to August 31, 2014, for a total of $179,450.00. Avcon agrees to release its lien on the Jet within 5 working days from the signature date of this Order. Movant requests this Court to approve this payment consistent with Order (Doc. 153) signed by this Court on June 6, 2014.

In addition, with this purchase price, $24,279.09 of attorney’s fees owed to Debtor’s counsel (as per Order dated February 13, 2014, Doc. 123) will be paid and the remaining purchase monies will be used by Debtor to pay its debts in accordance to the priority scheme allowed by the Bankruptcy Code in its Plan of Reorganization.

Debtor has negotiated in good faith to sell the Property to the Purchaser. Jet is being sold “as is” with no warranties except for warranty of title and free of any liens, claims or encumbrances, whether of record or not.

Escrow fees will be paid equally by Debtor and Purchaser and it is estimated that such fees will be approximately $1,900.00. Consistent with the purchase agreement, Debtor will pay one half (1/2) such fees from the purchase proceeds of this sale.

Title of Jet will be held by Purchaser’s Trustee: Aircraft Guaranty Corporation. The person of contact with this Trustee is Dwana C. Peters, Vice President, phone number 281- 445-7594, fax 281-445-7599 and email [email protected].

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