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With millions in debt, international airline files for bankruptcy Atlanta, GA

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With millions in debt, international airline files for bankruptcy

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It is a proud American tradition to start a business. You start small and hopefully can build your business into a large brand that generates income for you and your employees. You might even have issued stock and have shareholders. Starting a business, however, is no easy feat. It takes a lot of money to get a business going, and not all ventures make it up in the end. At this point, a company might consider filing for Chapter 7 bankruptcy.

That’s the situation Evergreen International Airlines finds itself in currently. The airline was deep in debt, according to the federal bankruptcy court filing. The company had debts maxing at $500 million and assets of no more than $100 million. The overwhelming debt was owed to approximately 5,000 creditors, detailed in the list of names more than 100 pages long.

It’s a sad situation for a business that began in 1960, with services provided to the U.S. government, among others. The company recently sold its helicopter business in order to put money toward debts.

The Chapter 7 filing does not provide any details on the non-profits that are associated with the company, including an aviation and space museum and a water park. One problem that will continue for the organization is an investigation by the government into allegations of improper management of funds.

It is difficult to admit that you need help. But sometimes starting over from scratch is the best option available. Chapter 7 bankruptcy may be an option that best helps a person or company, including those in Georgia, emerge from a difficult financial position to a place where they can start over with a clean slate.

Source: The Oregonian, “Evergreen International Airlines file for voluntary Chapter 7 petition on New Year’s Eve,” Mike Francis, Jan. 3, 2014

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Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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