TAG Can Take the Sting Out of Bankruptcy Cases

The reality for all industries today is the news of bankruptcies. Companies do not plan to fail but it does happen and what we see at The Aircraft Group is that one company’s demise can have a ripple effect for years to come. We have worked through virtually all major bankruptcies over the last two decades, from Midway through United and Delta, and we are now lending our expertise to enterprises in the USA and abroad. Probably the biggest impact that we see in aviation bankruptcies is that debtors suffer major reductions in staff and other resources—when they are needed most—and primary tasks slip, namely returning assets to creditors. As a result, the immediate burden of preserving aircraft assets in airworthy and marketable condition invariably falls upon the aircraft owner.

Also of paramount importance is the analysis and preparation of Claims for the Courts; a process requiring long hours scrutinizing detailed technical documents to ensure that a comprehensive claim is prepared and filed within court imposed deadlines. So as creditors scramble to determine asset values, whether declining values have evaporated to the point of forfeiture, or from the debtor’s perspective, which assets will be added to the portfolio, the condition of the asset is often unknown or not fully considered.

What is needed most in times like these is a keen understanding of the requirements and in creating efficiencies that can expedite the entire process. The Aircraft Group is offering many companies aircraft condition insight and exceptional document management that is proving to be invaluable in these bankruptcy situations. Since many companies do not have this knowledge in-house, turning to a consulting firm such as TAG can actually save time and money by expediting the entire process.