Cape Girardeau city officials’ patience may be paying off this summer in regards to the Commander Premier Aircraft Corporation’s bankruptcy proceedings. A court hearing Tuesday in Texas granted the request to convert Commander’s bankruptcy status from Chapter 11 to 7. That means the company’s assets will now be sold so the city of Cape can recoup some of its losses. Cape is owed more than 800-thousand-dollars from unmade lease payments. But it’s unlikely they will get all of that back. A trustee will now be assigned to liquidate its assets and distribute that money to their creditors, including Cape. Commander had occupied a hangar at Cape Regional Airport until it was evicted in October 2011. It filed for bankruptcy last June.
Return to: Local News Blog