Published: Wednesday, August 16, 2006
Local port authority files motion against service provider ReadyAir
PITTSBURGH — Attorneys for the Western Reserve Port Authority have filed a motion in U.S. Bankruptcy Court asking to start repossession proceedings against fuel handler and service provider ReadyAir for failing to make rent payments in June, July and August.
The motion says the court on May 5 ordered the trustee appointed to the case to make rent payments on the first of each month, but the trustee has not done this. The motion says the trustee has said it is unlikely the company can be reorganized and liquidation is likely.
The motion asks for relief from the stay of execution that halts repossessions or state court action, so action can be taken against ReadyAir outside of bankruptcy court.
The Western Reserve Port Authority says the amount owed for the three months is $15,797.
A hearing is scheduled for Aug. 29 for Judge Judith K. Fitzgerald to rule on the motion.
ReadyAir filed for bankruptcy protection on March 17, 2006, after falling behind on rent payments to the port authority. The company also took out a $200,000 loan last year from the Trumbull County Revolving Loan Fund and only made one payment before defaulting.
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