Aircraft Lessor AeroCentury Files for Bankruptcy Amid Travel Decline
- Company has stalking horse bid from secured lender Drake
- Its financial stress predated the Covid-19 restrictions
This article is for subscribers only.
Aircraft leasing company AeroCentury Corp. filed for Chapter 11 bankruptcy protection in Delaware, citing the dramatic decrease in air travel during the coronavirus pandemic.
The company, which buys used regional aircraft and leases them to domestic and foreign carriers, joins a long list of businesses felled by disruptions related to Covid-19 over the past year. AeroCentury, which will seek to sell aircraft assets during the court restructuring, will continue to operate in bankruptcy.