When an airline cannot or will not pay the monthly fees to keep the planes in their fleet operational, it is considered idle. They do not have enough funds to pay their maintenance personnel and other expenses relating to paying companies. Rather than simply letting these planes go without a fight, airlines can request reclamation. Here are a few suggestions on how you might go about reclaiming airplanes that went missing their payments.
The Steps of Reclamations
Step 1: You will need documentation showing that you are the rightful owner of this plane and any others that require reclamation. Sometimes, it can be difficult to prove ownership of a particular plane, especially if you have just purchased the company. You may need the assistance of an airplane repo attorney to ensure that you have the necessary proof to show the court.
Step 2: Your airport can also help you reclaim your plane. Some airports have a nearby airport authority service that they outsource to. You can request their assistance in retrieving the plane from the delinquent airline and find another airline willing to take it off your hands.
Step 3: If no one else is interested in taking over these planes, you will have to file for bankruptcy yourself and liquidate whatever assets remain after the payment of creditors. An airplane repo attorney might be able to assist you in the liquidation of these assets. It may be the only option left if the plane is still not in your possession after the 90-day reclamation period has expired. The last resort is to sell these planes for parts or scrap metal, but this may not fetch a good price.
The Airline Reclamation Process
Step 1: You must identify which planes need to be reclaimed and send out notices giving them a deadline within which they will need to make payments. This notice should also contain information on when and where the sale will occur. It can sometimes be difficult as airlines are typically very secretive about their operations, especially if they do not want their competitors to know about their financial standing and other weaknesses.
Step 2: You must hire a firm to place advertisements and market the sale on your behalf. It will increase the number of people who are interested in your sale. It also ensures that you have someone responsible for keeping you informed about potential buyers.
Step 3: The final step for reclaiming airplanes is to sell the planes at a public auction and ensure that your advertising campaign has reached as many people as possible. It is also important to ensure that there is no interference from anyone, especially sabotage by rival companies or unions of employees who do not want to see this happen. Reclamation success depends upon the level of attention and cares you invest in making it happen.
In the end, it is only the airplane owner who can reclaim his airplanes. The airport authorities would not be of much help here, especially if you do not have lawyers on your side. An airplane repo attorney is essential in this situation as they will be able to find the necessary documentation to reclaim these planes.