The Impact of Airline Bankruptcies on Airports (2009) / Chapter Skim
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Pages 38-43
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From page 38... ...
40 adequate protection prerejection and an administrative expense claim postrejection is still apposite. Braniff had sought and received -- in addition to the § 362 automatic stay -- a preliminary injunction preventing the Authority from interfering with Braniff's leasehold interests at the Memphis International Airport.
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From page 39... ...
41 ganization plan was estimated to pay 4 percent to 8 percent of the claims.430 Postpetition rent must be paid until the lease is rejected. Even in its dispute with the San Francisco Airport (Section II.D.4 Stub Period Rent, supra)
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From page 40... ...
42 string of unpaid debts in its earlier bankruptcy proceedings, including $138,500 owed to the city of Juneau in airport landing and lease fees.441 The categorization of rent and other fees owed for the period during which the debtor has under § 365(d)
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43 trustee agreed to apply a portion of MarkAir's multimillion-dollar settlement from an antitrust action against Alaska Airlines450 to the PFC claims, resulting in partial payment of prepetition PFCs and close to full payment of postpetition PFCs. The MarkAir case illustrates the danger of failing to aggressively follow up on collection of PFC funds pre-bankruptcy and earlyon in the bankruptcy process: the longer the process goes on, the greater the likelihood that sufficient funds will not remain to cover the PFC obligation and/or that a Chapter 7 court will find that the obligation to remit no longer exists.
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From page 42... ...
44 acterize its lease for this facility, choosing instead to merely reject the lease and abandon the facility.461 In 2005, Delta Air Lines rejected its special facility bond lease for certain facilities at the Cincinnati/Northern Kentucky Airport.462 The lease rejection led to a settlement that provided the Bond Trustee a $260,000,000 prepetition, nonpriority, unsecured claim against the airline. In addition, Delta and the Kenton County Airport Board (KCAB)
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From page 43... ...
45 Airport. Negotiations followed Delta's motion for approval of rejection of the lease.
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