Toisa sets bid procedures for $2.4 million sale of Gulfstream aircraft

By Caroline Salls

Pittsburgh, May 7 – Toisa Ltd. requested court approval of the bid procedures for the proposed sale of its interests in a 1994 Gulfstream G-IV SP aircraft, according to a motion filed May 4 with the U.S. Bankruptcy Court for the Southern District of New York.

Dumont Aircraft Sales, LLC affiliate Gulfstream IV-1242, LLC is the stalking horse bidder. Dumont submitted an unconditional $2.4 million offer to purchase the aircraft on an as-is basis.

Toisa said it has obtained requisite consent from owner-lessor Bank of Utah to transfer Toisa’s beneficial ownership interest in the aircraft to Dumont or any winning bidder.

The aircraft will be made available for inspection by potential bidders on May 18.

Competing bids are due by 5 p.m. ET on May 21 and must exceed Dumont’s offer by at least $100,000.

An auction will be held on May 22, if necessary.

A hearing on approval of the bid procedures is scheduled for May 10.

Toisa is a Hamilton, Bermuda-based shipping business. The company filed for bankruptcy on Jan. 29, 2017 under Chapter 11 case number 17-10184.

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