Bankruptcy Court OKs Fields’ Repayment Plan

Fields Aircraft Spares in Simi Valley said its reorganization plan has been approved in U.S. Bankruptcy Court.

The approval clears the way for the company to emerge from bankruptcy, something it is expected to do by year’s end.

The plan provides for $2.35 million of new debt and equity financing from private investors. The investors will receive shares representing controlling interest in the company and 100% of the shares of Skylock Industries.

Existing shareholders will retain equity equal to 5% to 10% of the reorganized company, with Fields’ bondholders, unsecured creditors and employees retaining the balance.

Fields, through its subsidiaries, is a distributor of aircraft cabin replacement products and a redistributor of new factory parts used in commercial aircraft.