Creditors prefer Rock Airport bankruptcy plan
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 firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Pittsburgh Street in Springdale closed until Monday
- Police: Woman thwarted abduction at Jefferson Township convenience store
- 2 arrested in drug raid at Arnold home
- Rep. Dermody calls state deficit top priority
- Driver leaps from sliding truck just before it topples down hillside in Fawn
- Plum’s 1st property tax hike since 2006 could reach 6.2%
- Arnold officer injured in attempt to detain suspect
- Second teen charged in Jan. 1 Tarentum shooting
- Burrell students embark on educational adventure
- Subdivision goes without snow removal as Buffalo Township awaits finalized deal with Maronda Homes
- EPA urges further review of nuclear waste dump in Parks Township