Tuesday, June 21, 2011

Commander Premier files for bankruptcy

CAPE GIRARDEAU, MO (KRCU) - Commander Premier Aircraft Corporation has filed for Chapter 11 bankruptcy protection.

In May, the City of Cape Girardeau gave the company notice to vacate the city-owned hangar at the Cape Girardeau Regional Airport. The deadline passed, and Commander instead chose to protect itself from creditors with the bankruptcy filing.

Commander filed the papers on June 16 in Tyler, Texas.

Cape Girardeau City Manager Scott Meyer says that the filing changes the city’s timeline for a what he hoped would be the voluntary and smooth transition of the hangar.

“We will need a forced takeover, if you will, of the hangar. So we will have to wait for the court to do that. Typically that’s 30, 60 days. So that’s where it puts that,” Meyer said.

In a press statement, Commander Premier President Greg Walker said that his company choose bankruptcy in order to complete a sale of the company to Montreal-based Aero-Base, Inc. The statement mentions that the City of Cape Girardeau and a private party holding a large company note initiated legal actions against Commander.

Commander Premier made only eight of 59 rent payments to the city since it began operations in 2006.

Jacob McCleland, KRCU


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