Core Viewpoint - The airline industry's bankruptcy filings are impacting ancillary sectors, leading to major service providers needing to reorganize, restructure debt, and sometimes sell their businesses [1] Group 1: Company Overview - Avenger Flight Group LLC, a global leader in commercial aviation flight training, has filed for Chapter 11 bankruptcy protection due to a high debt load and industry challenges [3] - The company operates 11 training centers across four countries and has a fleet of 50 full-flight simulators, owning 23 and leasing 12 [8] Group 2: Bankruptcy Details - Avenger filed for bankruptcy on February 12 in the U.S. Bankruptcy Court for the District of Delaware, listing assets and liabilities between $100 million and $500 million, with over $273 million owed on its secured term loan [4] - The company plans to sell its assets to its prepetition secured lender for a credit bid of $125 million in a Section 363 bankruptcy auction [5] Group 3: Financial Arrangements - The prepetition lender has agreed to provide up to $14.5 million in debtor-in-possession financing and to roll up $29 million in prepetition debt [7] - Qualified bidders, excluding the stalking horse, must submit a good-faith deposit of $12.5 million, which is 10% of the stalking horse bid, to participate in the auction [6] Group 4: Creditor Information - Avenger's largest unsecured creditors include Allegiant Air LLC, owed over $7.7 million; Spirit Airlines Inc., owed over $4.5 million; and other creditors totaling significant amounts [8]