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Thu, Apr 04, 2024

Van's Aircraft Files Chapter 11 Reorganization Plan

Reorganization Plan Will Be Sent To Customers and Creditors

Van's Aircraft filed its Chapter 11 Plan of Reorganization with the Federal Bankruptcy Court on a Friday, March 29, 2024. This step is essential for the company's financial recovery.

The process will be complete after the court sets hearing dates and the judge signs a certificate approving the plan. Then, the plan will be mailed to the same approximately 40,000 people notified when Van's filed for bankruptcy. These individuals, who have claims against the company, will receive ballots to vote on the plan. Votes will be collected by Van's attorneys, tallied, and the results reported to the bankruptcy court.

Customers who made deposits on orders before the bankruptcy and chose not to renew their orders will have their claims classified as Priority and/or Unsecured claims. Priority claims will be paid upon confirmation of the plan or as soon as allowed, and unsecured claims will be paid at an estimated rate of 55% over three years. If the company had liquidated under Chapter 7 rather than reorganizing, unsecured creditors would have likely received only 4% of their claim amounts.

The team at Van's has made progress toward recovery goals since the initial filing and is shipping many kits, parts, and orders each week. The plan includes adding new positions and funding to replace equipment and install new business systems, including a Material Requirements Planning (MRP) system. VAn's Aircraft said in a statement saying that more information will be shared after the court completes its next steps.

FMI: Vansaircraft.com

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