Getting your player ready...
WASHINGTON — A judge has sided with Aspen Executive Air LLC in its battle with the federal official monitoring its Chapter 11 case, allowing the private airline to settle with some creditors and keep control of its bankruptcy proceedings.
Judge Mary Walrath of the U.S. Bankruptcy Court in Wilmington, Del., on Tuesday denied the federal official’s request to convert Aspen’s Chapter 11 case to a Chapter 7 liquidation. The official, U.S. Trustee Kelly Beaudin Stapleton, had argued for the liquidation because she said the settlement benefits a few creditors at the expense of many.
