Mon, Nov 05, 2018
Seeks To 'Strengthen Capital Structure And Protect The Valuable Transportation Asset'
The company that operates Maryland Airport (2W5) east of Indian Head, MD has filed for bankruptcy protection as Charles County plans to rezone parcels adjacent to the field.
The Maryland Independent reports that Bauserman Service Inc. sent a news release indicating that they had filed for voluntary Chapter 11 protection in federal bankruptcy court, saying the move is to "strengthen its capital structure and protect the valuable transportation and economic asset known as the Maryland Airport.
“A number of entities continue to express their willingness to invest in and/or purchase the Maryland Airport. Uncertainty over the zoning and regulatory environment has created difficult circumstances in which to secure new capital or complete a sale,” the release stated.
Bauserman Service is continuing to "work with the appropriate authorities to resolve these issues" in a manner that best serves the airport and Charles County, the release said
Operations are expected to proceed as normal while the bankruptcy works it way through the courts.
The county is planning to rezone land around the airport for commercial development, according to the report.
The county has been trying to sell the airport since last May. The county's planning department is working on an overlay zone for a nearby 50 acre parcel that had been deeded over to the county in 2005 for the development of a Science and Technology Park. Taylor Yewell, the county's redevelopment director said that it is the position of the economic development department that the overlay is in the best interest of the airport to make the property more desirable for potential buyers. He said there have been several prospective buyers expressing interest since the airport was put up for sale.
The Maryland Aviation Administration and the FAA are interested in the continued economic viability of the airport, which is a designated reliever for the National Capital Region.
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