Paul D. Leake and Brad B. Erens led Jones Day’s representation of FLY i and Independence Air in their chapter 11 cases.
On March 15, 2007, with Jones Day’s assistance as bankruptcy counsel, FLY i, Inc. ("FLY i"), Independence Air, Inc. ("Independence"), and their affiliated debtors (collectively, the "Debtors") obtained confirmation of their chapter 11 plan under the "cramdown" provisions of the Bankruptcy Code. The plan, which became effective on March 30, 2007, will distribute approximately $150 million to unsecured creditors. In ruling on confirmation of the plan, the U.S. Bankruptcy Court for the District of Delaware was required to make one of its first applications of the Third Circuit’s decision in Owens Corning on the doctrine of substantive consolidation....
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