December 20, 2017
On December 19, 2017 (the “Effective Date”), TAF was dissolved pursuant to an order of the Court of Chancery of the State of Delaware (the “Chancery Court”), dated November 17, 2017 (the “Order”). The cash assets of TAF, less a reserve of $1,500,000 (the “Liquidating Trust Deposit”), were conveyed to Deutsche Bank Trust Company Americas, as indenture trustee (the “Indenture Trustee”), for distribution, pursuant to the terms of the Plan of Resolution (the “Plan”), to the holders of TAF’s Class A-1 Notes under the Trust Indenture, dated June 22, 2000, as supplemented on November 30, 2001, September 27, 2012 and September 30, 2013, by and among TAF, as issuer, TAL2 LLC, as cash manager, and the Indenture Trustee (the “Indenture”).
The Liquidating Trust Deposit was transferred to the Triton Aviation Finance Liquidating Trust (the “Liquidating Trust”). The Liquidating Trust was established pursuant to the Order and the Triton Aviation Finance Liquidating Trust Agreement, dated December 19, 2017 (the “Liquidating Trust Agreement”). The Indenture Trustee is the beneficiary, on behalf of the holders of TAF’s Class A-1 Notes, of the Liquidating Trust and Raquel Brinkman will act as liquidating trustee. The Liquidating Trust will have the authority to resolve all claims against TAF and its remaining subsidiaries that were timely filed by the October 5, 2017 deadline set by the Chancery Court, pay administrative expenses and take additional steps necessary to carry out the terms of the Plan.
The Liquidating Trust is expected to terminate, subject to the terms of the Liquidating Trust Agreement, on or before December 18, 2018. Upon termination of the Liquidating Trust, any remaining cash assets of the Liquidating Trust will be conveyed to the Indenture Trustee for application under the Plan and the Indenture.
Immediately following the Effective Date, TAF’s Class B and Class C Notes, issued pursuant to the Indenture, will be delisted from the Luxembourg Stock Exchange.
Copies of the Plan, the Order, the Liquidating Trust Agreement, TAF’s notice of Effective Date or other documents may be obtained upon request from, and any questions may be directed to, TAF at (415) 795-2085 or [email protected].
This press release contains forward-looking statements. These forward-looking statements are based on TAF’s current expectations of future events and involve substantial risks and uncertainties, many of which are outside of TAF’s control, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. You should not place undue reliance on any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by law, TAF does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.