Oxford Aviation president files for bankruptcy
The president of Oxford Aviation has transferred company assets to himself and filed for Chapter 13 bankruptcy amid eviction proceedings and multiple lawsuits recently filed against the company.
The Sun Journal reported Oxford President James Horowitz transferred the airplane repair and maintenance firm’s property, assets inventory and leaseholder interests to himself for $1 and submitted a bankruptcy filing Nov. 12. Under Chapter 13, Horowitz would be able to retain some income and pay off debtors over a period of years.
The filing follows a lawsuit by Oxford County to evict the company from its 40,000-square-foot hangar at the Oxford County Regional Airport. The paper reported that an 11th District Court judge stayed action on the county’s lawsuit Wednesday morning, pending resolution of the bankruptcy case. The company also faces a lawsuit from lender Community Concepts Finance Corp. and from an Ohio couple claiming $674,000 in damages for what they said was faulty airplane maintenance that caused them to crash land their plane in Colorado in May.
George Marcus, Horowitz’s attorney, told the paper the bankruptcy filing intended to stop the county’s proceeding and allow Horowitz to sell the company to pay off its creditors.
County Administrator Scott Cole said the county intends to contest the validity of the bankruptcy filing, arguing that Horowitz should not be able to reassign the lease from Oxford Aviation to himself without the county’s consent.
The paper reported that the court on Wednesday asked Horowitz for 21 additional documents to complete the filing. Those documents are due to the court by Nov. 19 and other statements are due Nov. 26. If those are not provided, the bankruptcy case could be dismissed.
Most Recent
Most Recent
Comments