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Airline Bankruptcy (Why do airlines file for bankruptcy (Strategic Reason:…

- - - - operative agreements needs to provide remedies if air-carrier fails to cure all existing defaults within the 60 day period.
      - Debtor must be a certified air-carrier
        Must possess an air-carrier operator certificate under chapter 447 of title 49 of the United States code for aircraft capable of carrying 10 or more individuals or 6000 pounds or more of cargo.
      - Type of Financiers:For aircrafts first placed in service after October 22, 1994 all lessors and secured creditors are granted protection.
        For aircraft place into service before 1994,all leases and conditional sales are covered but non-purchase money security interest holders are not protected.
      - Debtor must be subject to a chapter 11 case
      - Cover equipment: Lease , conditional agreements or conditional sale contracts involving aircraft, aircraft parts.
        Complete set of records to maximizing the value of the associated aircraft equipment