Superior Air Parts Chapter 11 Notice Of Auction
Superior Air Parts, which has filed motions for Chapter 11 bankruptcy, now expects to obtain court approval of the bidding process by Jan. 15 as Avco (a subsidiary of Textron) sits poised to compete with offers above its own $11.5 million cash bid for "substantially all of Superior's assets." That bid is free of all liens and other claims. Aside from supplying parts for Continental and Lycoming engines, Superior is also an OEM for the 180-horsepower Vantage Engine. Superior "is a distributor of over 2,000 general parts purchased from other manufacturers," according to papers flied Wednesday. As such, its sale or dissolution could affect a wide swath of aviation interests from overhaul shops to individual pilot/owners. Superior told AVweb last week that it is maintaining sufficient staff to accept and fill orders. Superior's XP experimental engine program will continue, but its popular owner-build program for homebuilders has been at least temporarily suspended. Superior is expected to file a plan to distribute the proceeds of the sale to all creditors, according to each creditor's legally determined priority. The coming auction will deliver Superior's assets free and clear and all creditors will be enjoined and barred from pursuing any claims against Avco or any other purchaser of Superior Assets. More important to Joe Pilot, it may also significantly alter the landscape of engine parts pricing and availability for general aviation aircraft.
For information on the proposed sale to AVCO, bidding procedures, your right to object, and deadlines go to http://www.strasburger.com/client/SuperiorAirParts/ or contact Ms. Angela Dunn, Administrative Ass't, Strasburger & Price, LLP, at email@example.com, facsimile 512-499-3660. You may also obtain all filings with the Court by going to the Court's Web site at http://www.txnb.uscourts.gov/ECF/ECF-Register and following the instructions.