ACY - AeroCentury files proposed plan of reorganization

AeroCentury (ACY) and its two U.S. subsidiaries have filed with the Delaware Bankruptcy Court a proposed combined Plan of Reorganization and Disclosure Statement with for its plan to exit Chapter 11 bankruptcy protection.The Bankruptcy Court has set a hearing date of July 12, 2021, to consider approval of the Solicitation Procedures Order.Michael Magnusson, President of ACY: “Discussions with potential plan sponsors are ongoing, and this filing allows us to keep on track for a timely exit from bankruptcy, while also providing the time needed for the careful consideration of potential debt and/or equity investment terms that are being presented to the Company.Solicitation of the plan is expressly subject to approval by the Delaware Bankruptcy Court and has not yet occurredShares -2% after-hours.Press Release

For further details see:

AeroCentury files proposed plan of reorganization