Company Filed Chapter 7 Documents On New Year's Eve

Evergreen International Airlines has filed Chapter 7 bankruptcy documents in Delaware following an involuntary petition by its creditors two weeks ago.

The filing was made in federal bankruptcy court on New Year's Eve. In the documents, the company estimated assets of $100 million against debts of up to $500 million, according to a report from Oregon Live.

Employees were notified in an email forwarded to the news organization by a former employee from Human Resources Director Monique Gregory, who said that an unidentified trustee will handle all human and public relations functions going forward. Gregory outlined the procedure employees should follow for health care and 401(k) assistance.

The court documents include a list of seven entities submitting the application, as well as 108 pages of creditors to the company.

It is not clear how the filing will affect the company's non-profit partners, including the Evergreen Aviation and Space Museum and the Wings and Waves Waterpark. The U.S. Justice Department is investigating whether the funds of the for-profit and non-profit ventures were improperly commingled.

(Image from file)

FMI: www.deb.uscourts.gov