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Engagement

AirFastTickets

Confirmation of Chapter 11 Plan of Reorganization

airfast tickets

Retail online travel agency.

Industries

  • Consumer
  • Hospitality
  • Technology

Expertise

  • Assignment for the Benefit of Creditors
  • Bankruptcy Trustee Services
  • Capital
  • Chief Restructuring Officer
  • Corporate Restructuring
  • Custodian
  • Debtor Financial Advisor
  • Expert Witness
  • Fiduciary Services
  • Investment Banking

From the newsroom

  • Force Ten Partners Announces Plan Confirmation for AirFastTickets, Inc.

Appointed Sua Sponte as Receiver in Delaware Chancery Court. Then served as Responsible Party through Chapter 11 that raised cash through asset sales, avoided preferences and fraudulent transfers, and settled D&O claims resulting in approximately $5mm gross proceeds.

AirFastTickets, Inc. (Debtor) was founded in 2011 and owned and developed proprietary software to help consumers find low cost domestic and international airfares. As an airline ticketing service provider for international and domestic flights, the Debtor was required to be accredited by the International Air Transport Association (IATA). In mid-2014, the Debtor stopped making payments for its ticket sales to the airlines. IATA revoked and terminated AirFastTickets’ accreditation and license agreements due to the breach of IATA’s rules and regulations and also due to AirFastTickets owing $70 million to over 400 airlines and $38.5 million to various creditors. The termination of accreditation caused the Debtor to become insolvent and was unable to continue operations. We were brought on in April of 2015 as financial advisors with Sua Sponte, Appointment of Custodian and then Receiver, to help restructure the company and to perform forensic accounting work. In June of 2015, executives of the Debtor were informed that the founder of the Debtor had been perpetrating a fraud. The fraud consisted of taking investors loaned money, creating a fake vendor, and siphoning the money into his own pocket. In July of 2015, Petitioning Creditors filed an involuntary petition for relief under Chapter 7 and later that year the case was converted to Chapter 11. The Plan of Reorganization was successfully confirmed in 2016.

Team members

Adam Meislik

Adam Meislik

Nicholas Rubin

Nicholas Rubin

Brian Weiss

Brian Weiss

Force 10

Track Record

Bruxie: Assignment For the Benefit Of Creditors

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Renaissance Surgical Arts at Newport Harbor: Chapter 11 and Chapter 7

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VNA California: Confirmation of Chapter 11 Plan of Reorganization

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View more »

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Force 10 is helping us navigate complex fund waterfalls and settle legacy litigation. We are very pleased with their support and guidance.
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Rothenberg Ventures

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Force 10 Partners
Force 10 Partners
5271 California Ave., Suite 270
Irvine, CA 92617
949 357 2360
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