Dynamic International Airways Chapter 11 plan effective as of March 8

By Caroline Salls

Pittsburgh, March 16 – Dynamic International Airways, LLC’s plan of reorganization took effect on March 8, according to a notice filed Friday with the U.S. Bankruptcy Court for the Middle District of North Carolina.

The plan was confirmed on Feb. 21.

Under the plan, priority tax claims will be paid in full in cash.

Solitude debtor-in-possession loan claims will be converted into the right to receive 100% of the equity security in the reorganized company.

The U.S. Department of Agriculture will receive $150,000 in cash for its secured claim.

Holders of priority unsecured claims will be paid in full in cash.

Holders of convenience claims will be paid the lesser of the full amount of the claim and $2,000 in six equal installments.

Holders of general unsecured claims will receive a share of a class 5 distribution amount.

Holders of residual governmental unit claims will receive a share of $800,000.

Existing equity securities will be cancelled, and holders of those securities will receive no distribution.

Dynamic is a High Point, N.C.-based airline. The company filed for bankruptcy on July 19, 2017 under Chapter 11 case number 17-10814.

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