NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Today, Aviation Capital Group Trust (ACGT) was dissolved pursuant to an order of the Court of Chancery of the State of Delaware dated March 2, 2017 (the “Order”). The cash assets of ACGT, less a reserve of $1,250,000 (the “Liquidating Trust Deposit”) were conveyed to Deutsche Bank Trust Company Americas, as trustee (the “Indenture Trustee”) for application under the Trust Indenture dated as of December 6, 2000 (as amended, modified or supplemented, the “Indenture”) between ACGT and the Indenture Trustee.
The Liquidating Trust Deposit was transferred to the Aviation Capital Group Trust Liquidating Trust (the “Liquidating Trust”). The Liquidating Trust was established pursuant to the Order and the Aviation Capital Group Trust Liquidating Trust Agreement dated April 17, 2017. The Indenture Trustee is the beneficiary of the Liquidating Trust and Aviation Capital Group LLC will act as liquidating trustee.
The Liquidating Trust is expected to terminate, subject to the terms of the Liquidating Trust Agreement, on or about April 17, 2018. Upon termination of the Liquidating Trust, any remaining cash assets of the Liquidating Trust will be conveyed to the Indenture Trustee for application under the Indenture.