Alabama Aircraft Industries submits reorganization plan

This week, Alabama Aircraft Industries Inc. submitted a reorganization plan that proposes selling the majority of their assets to Kaiser Group Holding out of Virginia for $500,000.

Chief Executive of the military aircraft modification company operating out of Birmingham-Shuttlesworth International Airport said of Kaiser, “Their plan is that they intend to continue to operate the facility as a maintenance and overhaul center.  They have the financial stability that we require right now.”

The company filed for bankruptcy in February listing around $69 million in debt to the United Auto Workers pension plan.

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Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.