Voyager Aviation receives court approval of disclosure statement

By Sarah Lizee

Olympia, Wash., Oct. 11 – Voyager Aviation Holdings, LLC received approval of the disclosure statement for its second amended joint Chapter 11 plan on Tuesday, according to an order filed with the U.S. Bankruptcy Court for the Southern District of New York.

The confirmation hearing is scheduled for Nov. 21.

The company recently received court approval to sell most of its assets to Azorra Explorer Holdings Ltd., an affiliate of Azorra Aviation Holdings, LLC.

The plan implements the sale and the monetization of some interests related to two aircraft through a participation agreement.

The plan has the support of holders of over 89% of the secured notes claims and over 88% of the Cayenne preferred interests and the Voyager Aviation Holdings interests.

The plan satisfies in full the aircraft financing facilities claims against the aircraft selling entities whose aircraft are sold through the purchase agreement.

Other secured claims and priority non-tax claims will be paid in full as well.

Holders of secured notes claims are expected to receive a recovery of 52% to 58%. Holders will receive their pro rata share of remaining distributable assets of each debtor liable on the secured notes claims.

The plan provides for up to 40% recovery to holders of convenience/go-forward trade claims who either provide services that the debtors have determined are critical to the consummation of the sale transaction or during the post-confirmation transition period or whose claims are so small as to be administratively burdensome and which claims might not otherwise receive any recovery.

A pool will be shared ratably among holders of general unsecured claims against other debtors. This is expected to result in a recovery of 0.3% to 1.1%.

Intercompany claims, intercompany interests and section 510(b) claims are expected to receive no recovery.

Holders of Cayenne preferred interests and Voyager Aviation Holdings’ interests will receive their pro rata share of the applicable equity trust interests.

The Stamford, Conn.-based aviation investment firm and commercial aircraft leasing company filed bankruptcy on July 27 under Chapter 11 case number 23-11177.

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