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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Air freight company files for Chapter 7

A company best known for its air freight and transportation services has sought bankruptcy protection after creditors took to court seeking payment for outstanding bills. Evergreen Air, known to some South Carolina residents as the parent company of a group of affiliates specializing in air transport, filed for Chapter 7 protection on Dec. 31. It is hoped this will allow the company to satisfy existing creditors and discharge its debts.

As early as Dec. 17, Evergreen Air's creditors began filing papers in court, trying to force payment of outstanding bills to the tune of $500 million. The company currently estimates only $100 million in assets. Several affiliates of Evergreen, including Evergreen Defense and Security Services, Inc., and Supertanker Services, Inc., also filed for protection.

The company specializes in providing air freight and airline maintenance to a variety of other interests worldwide, including governments, aviation companies and air carriers. Evergreen used a fleet of Boeing 747s to accomplish these tasks prior to filing for Chapter 7. The liquidation of these assets will hopefully go a long way toward satisfying creditors and ensuring the company's owners are protected from the financial challenges faced by their company.

Filing for Chapter 7, as some South Carolina business owners are well aware, can be a humbling and emotionally difficult process for any entrepreneur. However, in some cases, it can also be the most financially sound decision a company owner can make. Filing for bankruptcy usually means only the company's assets are affected, typically freeing owners and shareholders from the financial responsibility for the business' bills.

Source: bloomberg.com, Evergreen Air Files Bankruptcy After Push For Payment, Phil Milford, Jan. 1, 2014

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