- February 19, 2021, 12:31 PM
With most of its salable assets already in the hands of other entities, the nearly six-year run of Albuquerque, New Mexico-based One Aviation came to an end Thursday with an order by U.S. Bankruptcy Court Judge Christopher S. Sontchi to liquidate the company’s remaining assets.
“I ve lost confidence in management,” Sontchi said in converting One Aviation s reorganization effort, which began in October 2018, to Chapter 7 liquidation. “We need an independent fiduciary to come into this case and have a look at it…we need to stop the music here.”
None of the remaining parties in the case opposed the ruling, including Citiking International, which had intended to take control of One Aviation upon its exit from Chapter 11 reorganization. However, the Chinese-backed entity repeatedly failed to make good on its court-approved emergence plan, leaving One Aviation to pursue alternatives to keep the company whole.
Court Converts One Aviation Bankruptcy Case to Liquidation ainonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ainonline.com Daily Mail and Mail on Sunday newspapers.