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Creditors prefer Rock Airport bankruptcy plan

Tuesday, Aug. 19, 2014, 3:51 p.m.
 

A majority of creditors of the bankrupt Rock Airport and Business Park in West Deer say they want to maintain the airport's current ownership.

Friday's creditor vote, which was filed in U.S. Bankruptcy Court in Pittsburgh on Tuesday, said the group prefers Rock Airport's bankruptcy reorganization plan over one proposed by prospective buyer Management Science Associates.

The decision remains in the hands of a bankruptcy judge.

And for Rock's reorganization plan to carry real weight with the judge, it needed to have unanimous or at least majority support, neither of which it achieved.

The creditors voted on each plan separately. The number of votes each had depended on which class of creditor they were designated as. Some creditors had more than one vote on either plan.

Of the 15 creditors that cast ballots, nine voted in favor of the Rock plan. Of the creditors who voted on the MSA plan, 12 voted against it.

“We're disappointed that we didn't get a unanimous vote,” airport Manager Rock Ferrone said.

No one from the firm representing MSA could be reached for comment.

Under MSA's plan, the company would buy the airport and business park property outright and pay off all creditors in cash.

MSA, which is a tenant at the airpark, has said it would keep the airport open.

Rock Airport's plan also will maintain airport operations but would pay off creditors via proceeds from a gas lease with Huntley & Huntley and third parties buying out several of the creditor claims.

The judge has the option of rejecting both plans and moving ahead with a sale negotiated by the bankruptcy trustee.

The sale of the property for $6 million to Alaskan Property Management, an MSA subsidiary, is still possible.

A hearing on all three matters is set for Thursday.

Jodi Weigand is a staff writer for Trib Total Media. She can be reached at 724-226-4702 or jweigand@tribweb.com.

 

 
 


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