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In re: DalAv Liquidations SaRL Case No. 21-0038 (OT) (formerly, Dallara Aviation SaRL, et al. ... , Jointly Administered)
On 15 January 2021, each of Dallara Aviation SaRL and 2 affiliated debtors (“the debtors”), as represented by Jean-Michel Dandenault from Groupe Dandenault Metzger SaRL (“the liquidator”), filed a voluntary petition (the “voluntary petitions”) under section 5 of Bajor-Lorraine’s Bankruptcy and Receivership Act of 1643, as amended (“The Act”) in Regent’s Commercial Court—Molyneaux ("the bankruptcy court"). The petitions were accompanied by a Section 5 Liquidation Plan (the “liquidation plan”). The 3 cases are pending before Monsieur le président Olivier Trezeguet ("the judge"), who assigned them the case numbers below and is jointly administering them under the case number 21-0038 (“the joint case”).
The judge entered an order establishing an official creditors’ committee (the “Committee”) and scheduled a meeting of creditors for 20 January 2021 (the “first creditors’ meeting”) before adjourning the hearing.
At the first creditors meeting, the committee and liquidator agreed to solicit bids for the debtors as a combined entity (“DalAv”), just Dallara Air Taxi (“Air Taxi”), and just HeliFLY (“ChopperCo”) starting the following day in a one-month-long acution. The Judge approved the procedure.
On 01 February 2021, the following bids were submitted: a Ꞡ1,850,000 bid for DalAv’s assets by Samoa Partners SaRL (“Samoa” and the “SP bid”) and a Ꞡ801,250 bid for ChopperCo’s assets by Warbird Aviation SaRL through HeliMerge EURL (“Warbird” and the “HM bid” together the SP bid, the “initial bids”).
After Orion Flying Services SaRL (“Orion”) submitted a Ꞡ1,230,000 bid for Air Taxi’s assets (the “OFS bid”) on 3 February 2021, the judge scheduled a committee meeting on the following day (the “second creditors’ meeting”).
At the second creditors’ meeting, the Committee stated its preference of the HM and OFS bids (the “first preference declaration” and “HM/OFS combo”).
On 08 February, Orion and Samoa notified the judge that they set up a joint venture named Alnitak SaRL (“Alnitak”) and began discussing the possibility of a joint bid for Air Taxi’s assets on 06 February.
On 12 February, Alnitak submitted a Ꞡ2,000,000 bid for Air Taix’s assets (the “Alnitak bid”) to the judge, who scheduled another Committee meeting for 15 February (the “the third creditors’ meeting”).
At the third creditor’s meeting, the Committee accepted Samoa’s entry into Air Taxi’s sale process through Alnitak.
On 19 February, the judge closed bidding and scheduled a hearing for 22 February (the “sale hearing”).
At the sale hearing, the judge closed Air Taxi’s case by approving its sale to Alnitak (the “Air Taxi closure”), closed ChopperCo’s case by approving its sale to Warbird (the “ChopperCo closure” and together with the Air Taxi closure, the “closures”), and approved DalAv’s name change to DalAv Liquidations SaRL (the “name change”).
Debtor
DalAv Liquidations SaRL 21-0038
Closed cases
Dallara Air Taxi EURL 21-0039
HeliFLY EURL 21-0040
Important dates
15 January 2021: Petition date
20 January 2021: First Creditors’ Meeting
04 February 2021: Second Creditors’ Meeting
15 February 2021: Third Creditors’ Meeting
19 February 2021: Bidding deadline
22 February 2021: Sale hearing, closures, and name change
Key documents
1-3. Voluntary petitions
4. Schedule of assets and liabilities
5. Liquidation plan
6. Committee Establishment Order
7. Auction circular
8-9. Initial bids
10. OFS bid
11. First Preference Declaration
12. Alnitak bid
13. Air Taxi closure
14. ChopperCo closure
15. Name change authorization