AeroCentury enters stalking horse agreement with Drake Asset Management

AeroCentury has entered into a stalking horse agreement with Drake Asset Management to acquire the aircraft collateral securing the Drake indebtedness, subject to higher and better bids. In the event Drake is the successful bidder, the closing of the purchase will resolve all of the company’s outstanding indebtedness to Drake. As of its Chapter 11 Bankruptcy protection filing date, AeroCentury said that believes it has sufficient cash on hand to support its ongoing operations. Depending upon the length of the COVID-19 pandemic and its impact on revenue, the company may seek access to additional capital as the reorganization progresses. “We