Business
Alabama Aircraft Industries, Inc. Announces Bankruptcy Filing
Alabama Aircraft Industries, Inc. Announces Bankruptcy Filing.
About this update from Alabama Aircraft Industries Inc
[{"type":"text","content":" NEWS RELEASE FOR IMMEDIATE RELEASE Contact: Doris K. Sewell Sr. V. P. Legal & Support Services 205-510-4935 ALABAMA AIRCRAFT INDUSTRIES, INC. ANNOUNCES BANKRUPTCY FILING BIRMINGHAM, AL (February 15, 2011) – Alabama Aircraft Industries, Inc.(“AAII”), a leading provider of aircraft maintenance and modification services for the U. S. Government, today announced that it and its subsidiaries filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in Wilmington, Delaware this afternoon. Ron Aramini, President and Chief Executive Officer, stated, “The primary goal of AAII is to address long-term indebtedness and, in particular, long-term pension obligations under the terms of its pension plan. AAII expects to expeditiously move before the Bankruptcy Court to modify its collective bargaining agreement with the UAW to allow for termination of the pension plan as well as for certain other cost savings. AAII expects to solicit and obtain additional liquidity through a debtor in possession financing facility as well as through exit financing, and intends upon moving the case forward as quickly as possible, with a view to exiting bankruptcy by the summer of 2011.” About Alabama Aircraft Industries Alabama Aircraft Industries, Inc., with executive offices and facilities in Birmingham, Alabama, performs maintenance and modification of aircraft for the U.S. Government and military customers. The Company also provides aircraft parts and support and engineering services.&n...