Court filings have revealed that US operator IAero Airways – which is under US bankruptcy protection – is pursuing an asset-sale agreement involving an entity linked with carrier Eastern Airlines.
The agreement identifies nearly 30 Boeing 737s, along with engines and auxiliary power units, as part of the purchase.
IAero filed for Chapter 11 with the Southern District of Florida bankruptcy court on 19 September last year.
According to the asset purchase agreement, disclosed by the court on 11 March, the proposed buyer is a Nevada-based entity identified as Eastern 737 Asset Holdings.
IAero operated a fleet of around 40 aircraft, almost all of them 737s.
A related filing, on 12 March, lists the purchased assets – giving the serial numbers of 29 IAero 737s, a mix of -300s, -400s and -800s, and details of their CFM International CFM56 engines.
It also indicates additional assets, among them a Hawker 800XP business jet, maintenance records and documentation, components, and off-wing engines and APUs.
The agreement states that the purchase price will include assumption by the buyer of $71.2 million in seller liabilities to Synovus Bank.
Financial firm Jefferies’ joint global head of restructuring, Richard Morgner, states in the filings that he believes the bid is the “best offer currently available”, although the bid deadline is 28 March.
He adds that Jefferies, during its efforts to market IAero’s assets, has approached 85 potential purchasers – including strategic and financial buyers – and held a “multitude” of calls with 33 parties since October last year.
