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Pace Airlines’ largest creditor asks to keep security deposit

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WINSTON-SALEM, N.C. — The largest creditor of defunct Pace Airlines Inc. is asking a U.S. Bankruptcy Court judge to allow it to keep a $300,000 security deposit.

Bankruptcy trustee Edwin Allman III has consented to the request by AeroUSA Inc. of Fort Lauderdale, Fla. Allman said the security deposit will not deduct from the $1.86 million recovered for the Pace estate.

A hearing to address AeroUSA’s motion, as well as a $31,300 secured-claim motion by City Skies Inc., is set for 2 p.m. May 9 at the bankruptcy court in Winston-Salem.

AeroUSA also claims in its motion it is owed $265,000 in lease commitments through March 8, 2015, and breach-of-contract claims of $248,770.

AeroUSA has been listed with a $5.5 million claim in bankruptcy filings. It leased Pace a Boeing 737 in November 2001.

This article was written by Richard Craver and originally published by The Winston-Salem Journal. Click here to read more.