iAero Tech gets $71.2 million stalking horse bid for assets

By Sarah Lizee

Olympia, Wash., March 13 – Aerotech Miami Inc., which does business as iAero Tech, is seeking approval of a stalking horse agreement with Eastern 737 Asset Holdings LLC for its assets, according to the U.S. Bankruptcy Court for the Southern District of Florida.

As previously reported, the debtors and their prepetition secured lenders have negotiated a restructuring support agreement that the company will seek to implement through the Chapter 11 case. The RSA provides for a dual-track process, through which the debtors will pursue a plan of reorganization and engage in a process for a possible sale of the assets of the debtors.

The purchase price under the proposed agreement with Eastern is $71.2 million.

The debtor is seeking approval to provide bid protections that would include a $2.25 million breakup fee.

Under the proposed bid procedures, the final bid deadline is 5 p.m. ET on March 28, an auction will be held on April 4 and a sale hearing is scheduled for April 8.

Miami-based iAero Tech operates a business-to-business air charter airline with a fleet of 42 passenger and cargo aircraft, servicing customers both domestically and internationally. The company filed Chapter 11 bankruptcy on Sept. 19, 2023 under case number 23-17503.

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